I believe the part about Trump being able to reduce the price to $2.00 or $2.50 but not the $10.00 per gallon part.
“I believe the part about Trump being able to reduce the price to $2.00 or $2.50 but not the $10.00 per gallon part.”
It will be hard to get to $10.00 but where is the top? We are even close yet, I can tell you that. At some point, oil consumption will drop due to the price and that will help the people who can still afford it and those on the edge of affording it, at the expense of those who can’t.
Prices aren’t very high yet, people quickly got used to the cheap prices, just the 70 year chart, oil has been already been much higher than today when adjusted for inflation:
This won’t be pretty. It takes years and a lot of money to get areas ready to produce. We are already producing what is possible under Biden and it isn’t nearly enough.