production because the oil industry was about to crater. They have more than recovered from loses in '20 and need to up production.
Link: https://www.politico.com/news/2020/04/02/trump-calls-on-russia-and-saudi-arabia-to-cut-oil-production-161368
This is a problem of global supply and demand.
It would be a good idea to open all pipelines and de-regulate at home where he can - not that it would make a difference in price, because it won't - but because it would remove a talking point from Trump in 2024.
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Does Scranton Joe have a different dial?
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They don't even think about building another one today here because of the ridiculous regulatory environment.... but we could easily increase production by 2 to 2.5 million bbls/day and would have done so if Trump was in the white house. Take heart, the collapse of the world economy should drive down the price of oil at least a little bit.
Just kidding. He only seems like he's 95. He isn't actually.
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