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If you stopped reading doom and gloom websites (or Fox News) you would know that OPEC is unwilling to increase production because they like high gas prices and
by gamblor956 4y ago
If you stopped reading doom and gloom websites (or Fox News) you would know that OPEC is unwilling to increase production because they like high gas prices and want to maximize their oil income while they still can while the West shifts to EVs.
It's a self-perpetuating cycle: the high prices drive increased demand for EV alternatives, which leads to higher gas prices so that OPEC members can maintain their revenues.
Also, we could double our oil extraction each year and that wouldn't make a meaningful dent in gas prices, and it might even increase prices even more, because domestic oil is expensive to extract in the U.S.; the cheap and easy fields were tapped out decades ago. Indeed, part of the oil crash a few years ago was the result of OPEC increasing production, which lowered oil prices below the point it was profitable to extract from most U.S. and Canadian sources.