Just remember they're lying their asses off to us.
NO doubt Biden is putting a very heavy spin on the fuel situation.
In a little quick reading, seems the price of oil would come down if the Keystone Pipeline was restarted even though it adds nothing to current production and if US producers were asked to up production (which they haven't been) price would come down as well even before they added any oil to the mix. Apparently, part of the price of oil is psychological and not rooted in reality of what's available.
The Saudis I believe and maybe Qatar stated they would ramp up production and the price fell immediately $20 a barrel.
I was curious as to what Biden and company have done to curtail US production and couldn't find anything concrete other then possible and likely policy shifts. Obviously, no new leases hurts future production and tightening regs, which I don't know if its happened yet or just threatened would really hurt production.
I know Slip Knot may have some insight.
One thing I did find was the Covid killed demand so US production slowed, don't think it has ramped back up or is doing so slowly
If anyone has real info, please share