Quote:
Originally Posted by whell
And yet, we could fix this rather quickly if we wanted to...or had the political will to do so.
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No, we couldn't. This is driven by a mismatch between the global oil supply and pent-up demand coming out of Covid. The oil industry throttled less productive and more costly oil fields (e.g., North Dakota's Bakken oil field) during Covid and now Putin has lost western expertise to run his fields while Saudi Arabia doesn't want to play nice because of American criticism of the Khashoggi murder. Neither the President nor the Congress has the capability to dictate world oil prices. Never had, never will.