I wasn’t being completely serious, as I was signaling with the ‘sarcasm off’ tag at the end of my post. I would never seriously suggest that Americans should be thankful to OPEC for anything. And I am fully aware of supply & demand dynamics. But since you took the trouble to tell me I’m wrong, please educate me. I’m curious to know how you know that the promised 50% increase in supply from OPEC didn’t or won’t have a significant effect on petroleum prices.
Unfortunately their increased output really only offset issues with exports from other oil producing nations. Opec did agree to another 100k increase when Biden visited which was viewed as a joke.
People are just driving less…. Imho.
https://www.autoweek.com/news/industry-news/a40770031/high-summer-gas-prices-vacation-travel/
Can you show me the net increase had an effect? If anything the fear of chinas economy imploding pressures increasing prices more than the increased quotas.
Perhaps we can agree they’ll all have an effect. My point is a recession is a sure fire way to lower it. So good job Brandon.