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Breaking down the price of gasoline
Planet Money
Rigs = New Oil Supply
OPEC produces 28 million barrels a day that is almost 30% of the world's supply. Rig counts are a measure of how many drilling rigs in the US are actively drilling an oil or gas well at any given point in time. The rig is basically the drill that pokes holes in the ground looking for new oil. After the pandemic hit, an oil price has collapsed.
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