Price of oil has dropped 18 percent in nine days. Why? What to oil buyers think they see that we don't?

While the attention of the financial "experts" has been on three bank failures, something very unusual has happened: in the last nine days the price of oil has steadily dropped 18.5%.  The benchmark West Texas Intermediate oil is down 7% since yesterday's close (4.6% since today's opening).

Now why would that happen, eh?  Did world demand for oil suddenly drop?  Not that I've noticed.

Have oil-dependent nations quietly finished re-filling all their depleted storage, so that they don't need to buy as much oil as usual?   No indication of that either.  And it's probably not due to the failure of 3 banks, since oil has been dropping steadily since March 9th.

Last year the world consumed about 99 MILLION barrels of oil (and similar liquids) every DAY.   For the price of a commodity so hugely traded, and vital to economies, to drop 18% in just ten days, suggests something huge has changed.  A LOT of companies have to have cut way back on purchases, all at the same time.

Speculation is that buyers have cut back on the purchases because they're forecasting a huge drop in future demand, which would happen in a recession or major war.

But the biden regime constantly tells us the economy is absolutely booming.

Beats me, but I notice things like this, because it was one of my many careers for awhile.  So here's an interesting experiment: See if it's mentioned on the Mainstream "newz" tonight.

Here's another: when the stunningly corrupt, incompetent biden regime sold off half the oil in our Strategic Petroleum Reserve in the past year, biden's lackeys said they'd re-fill it later "when" oil dropped below $70 per barrel.  Today it's at $68.  If they were competent and honest, this would be a great time to re-fill the SPR.  

I predict they won't refill it by a single barrel, despite their earlier bleat.  But then, did anyone other than a naive Democrat believe the regime really would do what they said they would?  Of course not.  That was just propaganda to get voters to believe biden wasn't actually pissing away the SPR to get gas prices down to prevent voters from bashing the Dems in the November midterms.