The price will go up or down now depending on the demand side of the equation. Demand was already showing signs of dropping slightly as some people are driving a little less and the summer vacation time is over. Fall is the traditional quiet time for our economy.
The move by OPEC+ will defend the current price. The reaction to it in the markets has been minimal so far.
In normal times, you would be correct. But I suspect that the first ‘remedy’ will be price controls. And what that does is insure LONG LINES and rationing. Although if you are lucky enough to get it, it will be cheaper. That way, he can blame Greedy Oil Companies, OPEC, and Putin for the scarcity and that HE has done all that can be done (except for drilling).
Fall is the traditional quiet time for our economy
..........................................
Oct. 24, 1929
Oct. 19, I987
Oct. 13, 1989
Oct. 9, 2002
Oct. 11, 2007
Sept.16, 2008
https://en.m.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets