The US could produce and control 100% of the oil in the world, but the price is still dependent on a global market. I don’t quite understand why people don’t “get it.”
When the price rises as a result of shutting down the Strait of Hormuz, the price rises everywhere—independent of what the US is producing. The people producing the oil make money. And if they are American…I guess that is OK. But the price is the price is the price. And when it is high…the price of everything rises.
In the end, Trump is telling us that it’s great that OUR oil companies are getting rich. But it still cost $100 to fill my truck yesterday. Is EXXON going to send me a rebate check because they refined the gas in the US? I don’t think so.
Some people just don’t have the intellectual ability to understand that. Simple as that.
To be fair, if global oil prices plummeted, with the cost of gasoline much lower, and the oil companies were losing billions, would you want to send me them a rebate check?
Many on FR need to read (hopefully understand) your post. They may need to read it about 10 times!
XOM sends me a nice dividend "check" every quarter ...
Right, getting oil prices to come down on demand would mean nationalizing it.
Government can’t make a private company stay out of the global market. It would literally be telling them they aren’t allowed to make money like everyone else.
Companies are private and can compete in that market for more profit. To ask otherwise isn’t fair at all.