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> Unlike the government of nearly every other major oil-producing country, including Saudi Arabia and the other OPEC states, the U.S. government cannot open and
by credit_guy 5y ago
> Unlike the government of nearly every other major oil-producing country, including Saudi Arabia and the other OPEC states, the U.S. government cannot open and close its own oil taps. It cannot compel oil companies to drill more.
Yes, the US Government can't dictate the oil companies what to do. That's the point of this country. Sure, if absolutely necessarily, the President could invoke the Defense Production Act. But we should resist this type of urge.
Fortunately, nobody needs to "compel" the oil companies to drill more when the barrel sells for more than $100. They will be more than happy to oblige.