They shouldn't have any influence on oil prices if they limited themselves to their constitutional duties. But when you throw in executive orders and using alphabet agencies to regulate the snot out of domestic energy, they have a lot of influence over oil prices. If not, oil would've gone back to pre-COVID levels after a temporary drop. Talk about sheep..projection much!
So, if you left resource rich states at their own devices what do you think would happen? They would still out coal and ride on horse carriages. Someone needs to create incentives to progress to better sources of energy. Same with EVs. The easiest tool is price controls, subsidies, and taxation. Without it those who amass profit would never let go and just continue to go about what maximizes profit at the expense of everyone else.
No, only in your bizarre fantasy world would that happen. Trying to force "incentives" for green crap energy that's decades (if ever) from really competing with fossil fuels is disastrous, as Europe and California are starting to find out. If Biden left everyone alone instead of acting like an idiot/seditionist, we'd see real innovation, price discovery and competition between states and nations.
Germany is almost there. Had the US not intervened then Europe would not have been forced to sign the strong rhetoric. Look at India, what does the US do a out them buying Russian gas and oil? Nothing other than buying Russian resources through India. Another hilariously hypocritical move. My prediction is that nobody will freeze this winter in Germany. Let's see...
You've already changed the goalpost. You first claimed the resident couldn't influence oil prices. Now you're going a million other directions. My time debating low-info ET sheep is limited so that's all for now. Ciao.
Funny that its you who started talking about Europe. You turned my post into all the wrongs of the Biden administration when the issue was about the inability of presidents to shape resource prices by much. Keystone XL is all but forgotten here in Canada. Politics come, politics go. What really matters to asset prices are fundamental shifts in supply and demand.
Upon taking office, Biden immediately cut domestic oil production in the 40% range, from over 13M BPD to less than 10M BPD. They also communicated to the public and the oil companies that fossil fuel use would be dwindling sharply and quickly. XOM verified this with the WH (via letter) and then publicly announced that they would not be spending much on new exploration - since we wouldn't be needing much oil going forward per the administration. At that point why would OPEC want to add more to the market? They can let the price drift above $100 and stockpile more reserves while making even more money. And they have. Meanwhile...quietly...the SPR has been more than cut in half as we add 1M BPD to the domestic supply from our emergency savings account. Offshore drilling leases are the lowest since WW2 by a huge margin. I'm not sure if the SPR draining is only until after the midterms or he intends to completely empty it, but the public is largely unaware of all the ways this can end very badly.
%% $83 is close ??[WED price] Oil is in a long term uptrend / but election year + all the bear markets + gas got so hi i made sure to drive less......................................... US presidents cant do much about oil price, as you noted \ unless they can talk Arabia into stepping up production??
Please don't be stupid. It was at 97.5 on the 29th of August. And if you want to be taken seriously then pls drop those %%[]................++......... I assume you are a native speaker of English? Then can't you put just a little more effort into your posts?