the fact that oil futures for deliver in next Thursday are at $0 does not contradict Krugman's point here

these are entirely different topics

I mean, Krugman is an ass, but ...prices are not the same thing as production volume https://twitter.com/greg_price11/status/1252309490562719745

2/

Krugman wasn't wrong.

Crude oil production had in fact been relatively flat in the decade before 2010. It's climbed a bit since then - around 2% per year, IIRC? https://twitter.com/Maxtwell/status/1252311095123103744

3/

https://www.indexmundi.com/energy/?product=oil&graph=productionCC