Also for an education on oil here the US produces light sweet crude oil. Light sweet crude refining is inefficient so we dont have much capacity to refine it here so all the US light sweet crude oil is shipped overseas. We import heavy crude oil which most of the us refineries are setup to refine. Oil is tied to a world wide distribution network so the price is very controlled with the exception of how much tax is added per gallon being the difference State to State. Presidents really have little control over the direct price. What they do have control over is Biden on day one shut all drilling in the US and shut off Oil coming in from Canada and depleted the U.S. Strategic Petroleum Reserve . DJT is currently refilling the U.S. Strategic Petroleum Reserves and has opened up massive drilling here in the US. DJT has a slogan "drill baby drill". Once the oil market is saturated and its coming the price will crater. I would guess by the time hes out of office it will be at or below the low of $2.39 from 2021. This is a temporary price hike which I believe is alot of greed on the oil companies part taking advantage of the situation. Not much of the US crude oil comes out of the Strait of Hormuz anyway. Also as a FYI Saudi Arabia built a few decades ago a pipeline (Petroline) that goes from the eastern coast to the red sea so the Strait of Hormuz is a non player. Anyway it doesnt matter since the US gets its heavy crude from Mexico and Canada for the most part.
Also for an education on oil here the US produces light sweet crude oil. Light sweet crude refining is inefficient so we dont have much capacity to refine it here so all the US light sweet crude oil is shipped overseas. We import heavy crude oil which most of the us refineries are setup to refine. Oil is tied to a world wide distribution network so the price is very controlled with the exception of how much tax is added per gallon being the difference State to State. Presidents really have little control over the direct price. What they do have control over is Biden on day one shut all drilling in the US and shut off Oil coming in from Canada and depleted the U.S. Strategic Petroleum Reserve . DJT is currently refilling the U.S. Strategic Petroleum Reserves and has opened up massive drilling here in the US. DJT has a slogan "drill baby drill". Once the oil market is saturated and its coming the price will crater. I would guess by the time hes out of office it will be at or below the low of $2.39 from 2021. This is a temporary price hike which I believe is alot of greed on the oil companies part taking advantage of the situation. Not much of the US crude oil comes out of the Strait of Hormuz anyway. Also as a FYI Saudi Arabia built a few decades ago a pipeline (Petroline) that goes from the eastern coast to the red sea so the Strait of Hormuz is a non player. Anyway it doesnt matter since the US gets its heavy crude from Mexico and Canada for the most part.