Not how it works. Oil prices are based on futures. Let me explain since you don’t understand basic finance.
If President Biden says: “I want to ban all tennis courts and the game of tennis by 2030”…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 aren’t investing in new tech, aren’t building refineries and aren’t 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 won’t help the US and voila futures are up and prices are sky high and will be even higher once winter arrives
That’s 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.
President Joe Biden can’t get his story straight regarding America’s energy producers. One day he is begging them to produce more supply; the next he is declaring war on their business practices.…
www.bostonherald.com