Supply and demand affect crude oil prices. The size and productivity of the oil fields in any given place is different. The cost of getting it out of the ground is different. OPEC’s are vast, high quality and easily accessible. The companies in the US, not “we,” are managing far different fields with far less capacity of lower quality, many of them which have been in production longer and at a different level of potential production at a different cost. While the equation is kinda’ complex, it isn’t rocket science to understand that who is president and even how much domestic oil is produced on any given day has little to do with the price of crude on the world market these days, and that the price of crude largely determines oil prices. No matter who is president. Full stop.
Menu
