RE:RE:RE:Trump and the Price of OilYour absolutely correct, and the main reason Biden was able to keep the price from going higher at the time was by releasing 100's of millions of barrels from the strategic resereve.
But situation is different now.
Worlwide demand is such that Opec+ needs to keep millions of barrels/day off the market.
Thats what Trumo does not get.
American energy companies are not going to drill like carzy when prices are low.
Putting even more barrels on the market will only drive prices even lower.
All the barrels currently being produced need to go somewhere before you add more.
He can go ahead and put the tariffs on. Some refiners on the gulf coast are tooled for the heavy stuff that Canada, Mexico supply. The added costs of the tariffs will just get passed along to end user (consumer).
And if the saudi's decide to flood the market with their spare capicity?
Trump can remove all the regulations and fast track drilling permits but no one will be drilling to loose money.
AlwaysLong683 wrote: woodsmen wrote: "at or below $80 a barrel with the possibility of it languishing in the 60's for extended stretches of time"
Uhh so exactly what it is and has been under Biden for 2.5 years, got it Thanks!!!
WTI:
Low $50s when Biden was sworn in Jan 20, 2021 (COVID still an issue).
Between $70 and $80 for most of June to December 2021.
Between $80 and $90 In January to Mid-February 2022.
Putin invades Ukraine on February 22, 2022.
Over $100 to early July 2022.
Down to $80 by mid-Sept 2022.
$80 or more for most of mid Sept 2022 to mid July 2024.
Oil companies have seen prices at $80 or more for most of Biden's term.
Got it?