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Reply to "$7/gallon gas is coming"
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[quote=Anonymous][quote=Anonymous]So Biden got OPEC to move. [twitter]https://twitter.com/JavierBlas/status/1503384199511912457[/twitter][/quote] Probably not. These short term price swings are driven by speculators on the futures market. Russia is causing a huge amount of uncertainty about world oil supplies. Some speculators think this will increase prices, others think it is overblown. We are going to keep seeing ups and downs as events develop. But Biden doesn't control any of it. The only direct thing he can do is releases from the SPR, which doesn't get you much. He has some things he can influence, like trying to get OPEC, Iran, Venezuela to kick up production. He may also be able to take some executive actions to encourage US producers to produce more. But he doesn't run any oil companies and cannot order more production. [/quote]
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