Ray From Cleveland
Diamond Member
- Aug 16, 2015
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It is true that Biden's policy on Keystone has an effect, but typically, the price at the pump is also affected by refining capacity and world demand. One reason gas went down in price over the last year or so had to do with less driving going on during COVID. There was also less consumption of oil overall in the world for much of 2020.
That being said, it is true that the price of oil does have a downstream effect on the price at the pump, but it usually has a delay.
Our Covid situation hasn't changed all that much in a little over a month, and to my knowledge, there have been no refining or transportation issues. It's all because of Biden's policies and expected policies. That's why traders are usually referred to as speculators.