What Tony is trying to say here is that May 2020 was basically the nadir of demand. Everyone was locking down, and the producers kept producing while demand shit the bed. Two years later everyone is free and demand is way up, while supply is a bit constrained through the global market because of the Ukraine war.
Your boy Joe said 'Transition' from oil to 'Sustainable' energy. What is poopy joes policy plan for implementing this 'transition'?