Not how it works. Oil prices are based on futures. Let me explain since you donāt understand basic finance.
If President Biden says: āI want to ban all tennis courts and the game of tennis by 2030āā¦do you think you ll see an increase in tennis clubs build, tennis clubs refurbished, towns and cities maintaining tennis courts, tennis racket and ball manufacturers investing in new tech, etc.? Or would you see a slow dwindling in such activities?
With oil, these oil companies arenāt investing in new tech, arenāt building refineries and arenāt looking to pay lobbyists and attorneys big monies to garner new leases in the US. That means less supply. The Middle Eastern countries see this as an attack on their livelihood and therefore produce less crude. Russia certain wonāt help the US and voila futures are up and prices are sky high and will be even higher once winter arrives
Thatās 100% on Joe Biden.
Since 85% of goods are transported by trucks. The high gas prices led to hyper inflation along with increased money supply due to continued deficit spending. Again, Biden is to blame.
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