Quote:
Originally Posted by OrangeBlossomBaby
There were land leases that hadn't been drilled in yet - producing no oil at all. Other drilled land was carrying oil for export, not domestic use. Prices of oil went up because the oil companies chose to raise them. The president of the united states doesn't dictate the price of crude oil or refined oil, and the us government doesn't subsidize crude or refined oil prices. The former president wasn't responsible for lowering the prices, and the current president isn't responsible for raising them. He is ALSO not responsible for them having gone back down to pre-2020 prices in the last month, either.
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Somebody needs to learn basic economics. When supply goes down, prices go up. It really is that simple. Previous president was instrumental with increasing supply (prices go down). Current president lowered supply so much that USA forced to buy a lot more crude at prevailing arab market prices (which they eventually also raised). Lowered supply and prices doubled.
Economics 101 is not politics based. But actions by politicians have consequences.