Worst Thing Biden has Done?

[Stewy]

(07-20-2022, 11:47 AM)GMDino Wrote: Always appreciate your insight.

Also though, DJT made a deal with OPEC to cut production to help with prices for us and Russia.  I believe that deal just ended around the same time oil prices/gas prices started their month long downward slide.

OPEC tried and failed to raise oil prices.  OPEC countries saw their incomes fall billions of dollars and GDP's drop through the floor at 30-40 dollar oil.  OPEC tried and failed to raise oil prices.  Regardless of the handshake (early 2017?), price remained highly volatile until teh current climb starting in early 2021.  If OPEC really had any control over prices, they would have fixed it sooner and not allowed their economies to be devastated.  Minus a brief period between 65-70$ in 2018, the oil price hovered between 45-59$ for over 5 years until it started rocketing in Feb 2021.  Think what you will about Trump and OPEC trying to manipulate prices, but if they tried then it was an abysmal failure.

   

Also keep in mind, that Saudi Arabia didn't really care about raising prices to help the US or Russia, they had/have and have since executed on a plan to take a small portion of Saudi Aramco public, which they did in Jan 2020 after failing to raise prices.  Instead of the 5% they were planning to offer they only offered 1.5% and raised 29+ billion dollars.  They are currently considering offering the remaining 3.5% due to the oil current oil price.  If they had been effectively manipulating the price, they would have waited and not cost themselves 20 billion dollars (difference between Jan 2020 and current prices).