Rell Lauren
Banned
Nope I don’t agree.
Oil prices are where they are because OPEC cut supply a few months into the pandemic and haven’t restored them to where they need to be. You can thank Trump for that. He threatened the Saudis to cut production during COVID to reduce the supply (and price competition!) to keep prices artificially higher than demand would have dictated at that time. To help the oil industry which was in free fall.
Russia’s invasion of Ukraine is another factor of course. The EU talking Russian oil ban is a big deal.
And as I mentioned, Iran and Venezuela oil being sold on the black market due to sanctions is another big factor. Those are due to Trump administration policies.
Iran and Venezuela oil on the market will get prices back down to $75-$85.
Energy was going up before Russia invaded Ukraine. If you're going to do this Putin Price Hike bullshyt, you're not worth engaging in any discussion with.