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Originally Posted by Vermilion Villager
Actually I am VERY much up on current events.
Oil production from 2021 to 2022 has increased every month and in July 2022 it was at an all-time high. It did go down slightly in August, but as analyst have said Wall Street investors and the oil industry CEO's are speculating a global recession. I think many on this site fail to realize is oil… Even oil produced in the United States is a global commodity. All the drilling in the world means nothing. It's refined petroleum products like gasoline and heating oil they make all the difference. If OPEC and Russia reduce their inventories that drives up the global price. Almost every oil company in the United States is foreign owned, and it is not in their best interest to boost supply because that drives down the price. They, including the US companies will keep the price high as long as there is demand. Do you know why gas prices were so cheap in 2020? The reason was because of the lockdown due to Covid (right or wrong) no one was driving their automobiles. That was happening around the world. If there is no demand then of course the price is cheap. It is simple economics.
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Please cite your source that almost every oil company in the USA is foreign owned. Gas is cheaper right now because our oil reserves are being depleted.