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In essence Biden is slowing U.S. oil production, we are oversupplied U.S. is a net exporter of petroleum distillates. What will lowering U.S. production mean for the global market? By lowering supply will prices adjust? Isn't this market manipulation? It happened last year when SA and Russia began pumping out petroleum during the pandemic lowering their price because the demand tanked. I feel there's a scheme going on here with oil futures.

In essence Biden is slowing U.S. oil production, we are oversupplied U.S. is a net exporter of petroleum distillates. What will lowering U.S. production mean for the global market? By lowering supply will prices adjust? Isn't this market manipulation? It happened last year when SA and Russia began pumping out petroleum during the pandemic lowering their price because the demand tanked. I feel there's a scheme going on here with oil futures.

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[–] [deleted] • 1 pt

Nope, remember there was a large oil glut last year, so there is still reserve gas that can be used. However, i could totally see 7$/gallon gas in liberal cities, for other reasons though

[–] • 1 pt

I have faith in OPEC's ability to make more money even with full reserves.

[–] [deleted] • 2 pts

Allthough part of me thinks if gasoline prices decrease but inflation increases, we would be paying more for gas. Kinda like how the stock market worked in Weimar