Ah, didn't know this, thanks. Republicans always lie, this isn't surprising.
replyThis is interesting and under-reported. But it doesn't mean that oil would've spiked a lot less without the OPEC cuts, and that's not the same as gasoline costs which depend on refineries too.
replyUm, how do you figure? You realize that was a 10% cut in global oil supply, right? Of course it's going to spike crude oil prices. It's almost like the US completely stopped producing oil for 2 year (13M vs 9.7M).
replyThere are a number of elements that go into gas prices like additives, refining margin (called the "crack spread") and distribution but crude oil prices are a huge part of that. Also, like anything demand plays a huge role and that means the market's expectation for future supply.
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