The oil companies are not like farmers that keep producing record surpluses with lower prices. The oil companies will quit in low price times to have oil when the prices are better. They "bank" the oil rather than sell it at a break even or loss.
I think your could have corn at $0.00 on the market and there would be tractors running full boar ahead because it just had to get better. LOL Farmers in general are good short term planners but poor long term ones. If prices go up they will produce like crazy to drive it right back down. A saying an economic professor once told me is true. "I have never seen any crop that a farmer can't produce to worthlessness" Think about it. When ever prices are good we will produce record crops and drive the price right back down.
When prices fall on cars, oil and other things the companies cut production NOT RAISE IT!!!
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Today's Featured Article - Grain Threshing in the Early 40's - by Pat Browning. The setting is rural Wisconsin, halfway between East Troy and Elkhorn, on Hodunk Road, our nation was at war, and I was 6, 7 and 8 years old. George was our "threshing neighbor." He was the one with the threshing machine, a JI Case on steel wheels, and he pulled it to our farm with a JI Case standard tractor also on steel. In those days, steel wheeled implements were common. The roads were general gravel, so the lugs cutting into them wasn't a problem. George would set up the thresher, s
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