Texas is still a marginal producer, but Texas will be hit with domestic inflation soon.
At that point, either the marginal price goes up, or the US rates push us into a slowdown. The slowdown is my nominal prediction. As that oil price rises the FX insurance industry raises the ten year yield by raising insurance costs.
Petro banks target the oil price level, FX insurers target its rate of change. Their corridor is their liquidity, and the actions of the Swamp shrink that corridor and we are subject to very volatile debt costs for Treasury.
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