biden cut the Keystone pipeline construction, is cutting all new drilling on government land, and is pissing off the Saudi's. Speculation alone will drive the price with news like that.
The other side of the coin is that producers with wells already down will now have the price up high enough to cover costs and make a buck.
A simple fact that escapes many here on this perpetually misunderstood subject. OPEC has also agreed to keep their production cuts in place through April, which helped send prices higher yet.
For 95% of consumers who simply and blindly want to believe that big oil is bad/end of story, all of this will fall on deaf ears while they scream about the price of a gallon of gasoline at the corner store just before they run in to buy a "cheap'" bottle of water so that they can stay hydrated on the way to work.
And probably none of them know or want to believe that oil is bought and sold on the commodity market based on supply and demand at the well head. This increased cost at the well head for a barrel of oil paid for by the refiner is logically passed on to the consumer through higher gas prices. That happens in all forms of business, and not just in the oil business, in a capitalist society.
Nope.... Its just "big bad oil' taking advantage of them once again for no logical reason with higher gas prices. After all, we all know that we deserve cheap gas no mater what happens in the supply chain or with prices.in that supply chain..........
