If it’s a supply and demand problem, the solution would be to increase supply.
Since oil pricing is heavily based on unknown future speculation it makes sense in my opinion to be more openly friendly to the American oil industry. Offer more lenient terms for opening new leases. Tax breaks. Etc.
It would take time to actually get the new supply underway on the global market, but it may placate the speculation market which may help lower oil prices and by extension refined product pricing.
That’s just my guess though. I’m no economist or expert on the oil industry.
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