> It has more to do with the potus and his energy policies. It isnt supply and demand. They are not investing in new wells, refineries and infrastructure. They are paying investors more
Who is 'they'? No president has much control over oil or fuel prices. If POTUS could wave a magic wand and cut gas prices in half, he would. But he can't.
In the US, decisions about petroleum exploration and production are almost entirely made in the private sector. And those decisions are made based on profitability. Why are energy companies sitting on thousands of mineral leases? Because they aren't deemed to be profitable enough to warrant drilling. How do they become profitable? Higher prices. Likewise with petroleum transportation and refining infrastructure. If petroleum prices go up, companies invest in exploration and production. Of course, the petroleum industry wants to see indications that higher prices will stick around; when prices are falling like a rock, as they are now, they still won't invest in exploration and production even though prices are high.
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