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   Low Quality Facts (lowqualityfacts@mstdn.social)'s status on Thursday, 28-Dec-2023 07:22:37 JST Low Quality Facts

   Contrary to popular belief, it has nothing to do with supply and demand.
   https://patreon.com/lowqualityfacts

   • Embed this notice
     Sexy Moon (moon@shitposter.club)'s status on Thursday, 28-Dec-2023 07:22:36 JST Sexy Moon

     in reply to
     @lowqualityfacts Effectively he has a lot of control day by day because he controls the American Strategic Oil Reserve without asking Congress. Or he can do various things to pressure Saudi Arabia.
     
     Supply and demand don't really apply anyway because a lot of Earth's oil is controlled by a cartel that sets prices.
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     Sexy Moon (moon@shitposter.club)'s status on Thursday, 28-Dec-2023 07:29:41 JST Sexy Moon

     in reply to

     • smug
     @smug @lowqualityfacts Saudi Arabia buys all its military equipment from the USA.
     :blobancap: :blobcattrans: :blobancap: :blobcattrans: :blobancap: :blobcattrans: likes this.
   • Embed this notice
     smug@smuganimeavatar.xyz's status on Thursday, 28-Dec-2023 07:29:42 JST smug

     in reply to

     • Sexy Moon

     Or he can do various things to pressure Saudi Arabia.

     like what? I'm genuinely curious

   • Embed this notice
     Sexy Moon (moon@shitposter.club)'s status on Thursday, 28-Dec-2023 07:51:46 JST Sexy Moon

     in reply to

     • smug
     @smug @lowqualityfacts We still sell them weapons but for the last few years we have restricted sales in an attempt to make it so they'll only use them defensively instead for genociding Houthis, but I suspect that this will change now that Houthis are messing with Israel lol. I have heard some Washington people taking great pains to distinguish between two groups of Houthis to try to deflect blame, I don't really understand it but I'm not convinced because nobody made this distinction before this.
     
     The USA controls a ton of oil on the open market, it can short term flood the market and affect the price but OPEC controls so much that we can only play hardball for so long.
     
     President can't "set" oil prices but he has direct personal power to do things that will significantly affect it.
     
     This comes up periodically because for example presidential candidates when they are running will criticize the current president for letting oil prices get out of control, and then when they become president they have their pundit lackeys in the media say the president can't control the market. The truth is in between.
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     smug@smuganimeavatar.xyz's status on Thursday, 28-Dec-2023 07:51:47 JST smug

     in reply to

     • Sexy Moon
     I did some googling cause Saudi Arabia constantly is under so sort of weapons embargo, and fair enough, the US plans to ease restrictions on "offensive weapons" if they exit the Yemen conflict (https://edition.cnn.com/2023/12/22/politics/biden-saudi-arabia-yemen-weapons/index.html), are you talking about that?
     
     The main problem Biden has is that Putin actively calls the shots in OPEC+, which is the main oil producing group. In fact, OPEC+ is actually cutting oil production in the next year.
     
     https://www.reuters.com/business/energy/saudi-arabias-crude-exports-rise-four-month-high-october-2023-12-18/