August 8, 2022
Why the lower gas prices all of a sudden?
By Dennis Dowling
“Right now, a family in America with two cars is saving $100 a month on gas compared to peak prices. That’s breathing room. And we’re not letting up any time soon.” -- President Joe Biden, taking credit for the recent dip in gasoline prices nationwide
Did Biden’s strong action reduce the price of gasoline, as he claims? Well, not really.
Biden claims that his release of oil from the national strategic petroleum reserve -- added to his discussions with OPEC -- has increased the amount of oil production and thus reduced the price for petroleum feedstock (mainly crude oil) to U.S. refineries. In actuality, it is the economic slowdown in China -- coupled with the increase in Russian oil getting to market (more, in fact, than the NATO countries expected) -- that has resulted in a greater availability of oil that has brought about a lower gas price. OPEC did not respond to Biden’s request for increased oil production, and the release of oil from the national reserve is a small quantity on the world market.
more
https://www.americanthinker.com/blog/2022/08/why_the_lower_gas_prices_all_of_a_sudden.html