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You can't look at the oil market in isolation like that. Saudi was dumping oil at that point, producing way more than necessary. So much so futures went negat
by nightski 4y ago
You can't look at the oil market in isolation like that. Saudi was dumping oil at that point, producing way more than necessary. So much so futures went negative. That is not the case today.
- ceejayoz 4y ago> That is not the case today. As a deliberate political choice by the Saudis. https://theintercept.com/2022/02/15/saudi-arabia-gas-price-oil/ https://theintercept.com/2022/02/15/saudi-arabia-gas-price-o...
- nightski 4y agoWhich is largely irrelevant.
- ceejayoz 4y agoAs is the President re: gas pricing.
- nightski 4y agoWhich is not true either, as the dip we've seen over the past several weeks can attest. We've deeply tapped into our reserves (much more than expected as released yesterday) to achieve this. It seems like it might be short sighted and short lived. Also if the president has no effect on gas prices why was ours groveling at the feet of the Saudi Prince?
- ceejayoz 4y ago> Also if the president has no effect on gas prices why was ours groveling at the feet of the Saudi Prince? Because they're the people who can have an effect? If Biden could tweak gas prices, he wouldn't have to do that.
- nightski 4y agoLeaders have power through influence. Unless you are suggesting Biden has no influence, which in his specific case unfortunately might have some truth. But that's not generally the case with the president of the US.