Supply-Side Economics

[finnbow]

Originally Posted by whell

Your friends at WaPo disagree with you. Example, your claim about OPEC potentially releasing more oil is counter to this section of the WaPo article:

Another wild card is the OPEC Plus consortium of oil-producing nations, which meets next week to consider how much oil its members should continue to ship in the coming months. The group could decide to cut its output to drive prices up.

“The OPEC meeting could be the skunk at the picnic,” said Andrew Gross, a spokesman for AAA. “Trying to guess what they are going to do is tricky.”

Oil prices fell on Monday after it was reported Saudi Arabia and other Organization of the Petroleum Exporting Countries (OPEC) are considering increasing their output quotas.

https://www.barrons.com/articles/oil...di-51669044775

Bottom line - We don't yet know what OPEC will do, but prices have come down considerably in the past several weeks thanks, in part, to Biden's policies (and notwithstanding Saudi Arabia's opposition to Biden because of his disapproval of authoritarian regimes (as opposed to Trump's admiration of them)).