Quote:
Originally Posted by truckin 79
I will wade into this and say that a President has very little impact on gas prices short term, supply and demand does with a large part of influence by OPEC. The one thing a President can do is release oil reserves in the short term as the current President did and also the previous President did in 2019. As much oil and gas reserves we have in the US, middle east countries can produce a barrel of oil cheaper. They do not have to drill sideways under mountains or by peoples backyards. If OPEC wants to flood the market with cheaper crude then thats what they will do and was able to drive some smaller oil companies out of business. If OPEC wants to inflate prices they produce less oil. Also during the pandemic there was less need for gas and thus less truck drivers to fill those gas stations so many were laid off. It takes a special license to deliver fuel to gas stations and that caused a shortage in qualified drivers, another factor. Gas prices actually started to rise in May of 2020 once agian who are you going to blame, not the President but supply and demand with a helping hand from OPEC.
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It doesn't take long for POTUS policies to impact pricing...one way or the other. No matter who is POTUS. Hell, all the markets have to hear is simultaneous farts and sneezes...and it goes nuts. Hurricane, pipe line closed, drilling reduced, a bird flies north instead of south...doesn't take much. So, yeah a POTUS can, and does, impact impact short-term pricing.
But, overall it is a supply and demand thing. Oil field workers were laid off in 2020 and parts of 2021 due to the pandemic. Which had a HUGE # of normally commuting work force staying at home. Not to mention those that just flat out lost their jobs. Aviation fuels took a dive along with many other fuel based items. That's why your fuel prices dropped so much.
Well...our economy has come back pretty hard and fast. Now production is up and people are back on the road and planes are flying. Those that want jobs seem to have them.
It is always a vicious circle.