BS. The president doesn't turn the spigot up or down. The market does. We the People do. Did you happen to notice that not one time in all of Biden's presidency were there no gas stations out of fuel because they couldn't get any from the refineries? No, you didn't. The oil companies produce just enough to supply our needs. Producing more than we need including our exports, lowers the price of oil because it's an excess amount.
Notice how low the oil prices were months before the election? We had too much. Russia and Saudi was flooding the market with an excess. So DUH, the prices were low. It's that way with every commodity or anything else on the market.
Flood the market with too many DVD players, oranges, computers or anything else, and the price falls.
Provide just enough, and the price rises some. Create a short fall of any of those and prices increase.
Remember the chip shortage last year? New PS5's were like $1,000. Now they're back down to $500.
It's the same shit. Different shovel.
Price of oil is based on the stock price. The excuse used to be supply and demand, until enough people finally found out that was a farce. Now they're using the stock price to value the oil.
Take a look at the oil piplines in the USA. Trains and trucks only carry the excess of what the pipelines can't.
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Those lanes used to be for truckers and trains. Now they're pipelines. And has the price of gas/diesel, heating oil or natural gas gone down because of those pipelines? Not a damn dime, dude.
Stock market and commodity market is still traded the same exact way. You're talking semantics, and you know it. A product vs a commodity. I get it, they're Stock market and commodity market is still traded the same exact way. You're talking semantics, and you know it. They're technically different. But they're still the same in almost every aspect. Futures market is still a market. Stock market is still a market. You're focusing on some semantical error i'm making without even bothering with the entire point.
The president doesn't control the flow of oil. He doesn't control the price. What he does, what Biden has done, was make it seem like he was at war with the oil companies during their bust cycle. Biden has been in politics long enough to see many oil bust cycles. He knows that when the bust cycle starts, the prices are going to go up. He knows production is going to go down, oil field workers are going to be laid off and the futures market is going to do their thing and help raise the price of oil as far as the market can bear.
But here's the thing the lefties don't realize, nor do the Trump suckers.
The oil companies didn't have a legit reason for the price increases. Production went way down, but so did the demand. Which should've been a reason for the prices to fall, drastically. But here comes uncle joe to help his buddy's in the oil business and the stock market, and gave them an excuse to increase prices. Ole Joe took one for the team. He cancelled oil leases that where practically abandoned because of the demand being so low. He cancelled the Keystone, which isn't going to make the US oil companies any serious money, because it's canadian and chinese oil tar sands. Not to mention the fact that none of the oil leases were under 5 years away from production. And only a small fraction of those would ever see a drilling rig. But when they do, it'll be years.
So old Joe and his buddies created this supposed war with big oil, which gave them the excuse to increase oil prices. And everyone except us, was fat and sassy.
And now look at what's going on. The bust cycle is over. No one is complaining about them or Biden. The gas prices are coming down. The left will falsely praise Biden for bringing the oil prices down. The right will forget it even happened in a short time. And all will be forgotten. Just like it was forgotten when oil prices were $3 per gallon under Trump. And $4 per gallon under Obama. But those who made millions and billions in the oil and futures market, will be secretly throwing Biden a huge party to celebrate the biggest oil con since W Bush.