It’s Econ 101: Oil prices are too low for companies to increase exploration & production. Even if Trump wants it, oil companies won’t spend the money at current price levels.
So what's Trump wishing for? Higher oil prices? That would make his billionaire oil friends happy.
So what's Trump wishing for? Higher oil prices? That would make his billionaire oil friends happy.
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He announced the opening of more federal lands to drilling with much fanfare, only to have the oil companies say, "Yeah, no, we're good, thanks."
The idea that gas prices are high due to onerous drilling restrictions is just a lie.
November 08, 2024
Biden administration completes 'final' Strategic Petroleum Reserve refill purchase
https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/110824-biden-administration-completes-final-strategic-petroleum-reserve-refill-purchase
It's as if Trump doesn't understand that oil prices are mostly set by global markets. Not much of a surprise.