Quote:
Originally Posted by Maker
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.
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For over two years, Covid lowered demand world wide, and production dropped accordingly.
Later demand was greater than production and supply.
It is a world market, not solely a US market.
I did not see any US based petroleum companies making any effort to lower prices for home market, just increasing production to enlarge their profits.
Nothing to do with presidents, politicians of whatever color, market and demand sets the price.