I’m not saying any of his policies caused them to go down. It’s also silly to say that his policies caused them to go up. The price of gas went up worldwide, the US is part of the global market and can do little to affect the price on its own.
Whoa, this guy is a genious! Pump more oil to bring down the cost? We need more out-of-the-box thinkers like him in these times. What are his thoughts on getting the oil companies to do that?
From the Dallas Fed article I linked above -
The latest Dallas Fed Energy Survey shows that investor pressure to maintain capital discipline—which precludes higher investment in expanding oil production—is the primary restraint on publicly traded companies. This is not simply a case of investors being selfish, but of investors who suffered persistent losses in years past wanting compensation for the risk they take. Depriving these investors of the returns they insist on, by whatever means, would likely be counterproductive because without these investors, the industry would lack the capital to maintain—never mind, increase—crude production going forward.
My understanding is that oil refineries are running at near capacity now. There is no point increasing oil drilling if more oil refineries aren’t going to be built. And why would oil companies put huge amounts into building more refineries when the world is planning to switch over to EVs by 2035?
He is a hell of lot smarter then you and some random Reporter you agree with. He didn’t become a Billionaire by taking advice from random internet experts.