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.
|
This is what actually happened in 2019:
"President Donald Trump said Sunday he has authorized the release of oil from the U.S. strategic petroleum reserve after attacks on key production facilities in Saudi Arabia cut the kingdom’s crude production by half.
Trump said oil would be released if needed to keep the market well supplied. The president also said that he has informed the appropriate agencies to expedite the approval of oil pipelines still in the permitting process in Texas and other states."
Then, approximately 6 months later, in 2020, ordered all of the US Fuel Reserves to be "Topped-Off".
BTW: Regular Gas today, here, is at $ 3.09.