Remember "Oil Tanks Will Be Dry By The 4th of July!" ?

[GreatGazoo]

We were berated with messaging about how oil was going to run out or be $150+ even as oil futures priced dropped steadily to just above pre-war levels. I was told, in nicer words, that I was a gullible idiot for not believing that super high oil prices were the reality and that the low prices were based on thousands of professional oil buyers and sellers all likewise being idiots who have no idea what they are doing.

So what happened?

There's a glut. Over-supply. Started 2 or more years ago and it is about to get much worse. As expected, the war has changed the oil business but not in the expected direction or ways.

China, the world’s top crude importer, has not been particularly enthusiastic about purchasing Iranian oil, despite traditionally being the main buyer of the country’s energy. “In fact, the Chinese do not show any enthusiasm to buy much oil from anybody,” Fereidun Fesharaki, chairman emeritus at FGE NexantECA, said
...
“The supply surge is real,” Tiago Lacerda, market analyst at brokerage Axi, said in an email to CNBC. He added that there was a sharp buildup at sea as Iran has shipped more than 40 million barrels since the U.S. lifted its naval blockade, while Russian exports have also surged to record levels.

https://www.cnbc.com/2026/07/06/iran-oil-supply-hormuz-china-energy.html

Stunning many observers, China not only cut its own consumption radically in a matter of days but it also sold jet fuel to Australia in May. And South Korea exported diesel, confirming no shortage of supply.

Canada, Venezuela and other producers have increased output. Some estimate their exports increase 300%. Meanwhile longterm demand is falling as countries prioritize the rapid and permanent deployment of alternate energy sources; nuclear, solar, hydro, coal. Much of the oil demand that existed in 2024 is not coming back. Ever. If oil is below $70 with the Strait closed then why would anyone expect it to go higher when it opens?

All of this is obvious to China, Australia and those paying attention. So why does legacy media continue to tell us the exact opposite?