Quote:
Originally Posted by Royal Tiger
I agree to a point, but why were prices so low under Trump? Companies suddenly didn’t want as much profits? I think domestic policy absolutely affects prices in a free market system. I’m no fan of Trump the person, but his record far exceeds this guy, who isn’t in charge anyway. PA has the highest gas tax in the USA and some of the worst roads. Now PennDOT is proposing putting tolls on interstates to fund road repair. Isn’t that where all the gas taxes are supposed to be going?
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Supply/demand and global economics. Spring of 2020, OPEC and Russia cut supply. Pandemic reduces demand as people don't travel nearly as much, manufacturing doesn't use as much energy, etc. Demand comes roaring back, supply has not caught up for a variety of reasons. Labor shortage increases wages, increasing cost for all aspects of the market, from extraction to refining to transport to retail.
POTUS doesn't control oil prices, and while not powerless, isn't even close to being the most powerful player in the room.