US oil inventories are basically at record highs.
And with more oil than markets needs there's no reason for prices to rise.
The change in shale drilling techniques has enabled US oil production to remain near multi-decade high despite a collapse in the number of oil rigs being used.
Supply has been outpacing demand for the last few years, leading to those massive inventory builds in charts 1 and 2.
Did the Fed's post-crisis quantitative easing plan lead to a surge in oil production investment? Certainly, the lines fit.
