Other than the usual artificial scarcity reasons, I've read a few people suspect that Saudi Arabia actually doesn't have as much capacity that they used to in the past. Could just be an excuse, but would make sense seeing as they've tried to diversify production in other areas in recent years.

But yea pretty funny to see the US get owned by them knowing that they were literally a US client state in the past. Kissinger seething rn.

literally the only reason they would lower prices would be demand destruction, which somewhat happened when prices spiked in 2008.

it's where prices are so high on a generally inelastic good that people strategize ways to lower their consumption. fortunately for Americans, our entire media apparatus is dedicated to making us love our cars and our governments would never threaten car dependent development.

so instead we get more people buying hybrids, electrics and taking out huge loans or forking over massive rents to get into those precious few neighborhoods and cities where one might not have to drive very much, relative to the average US citizen.

giving us the poison and denying us the cure so we will take their medicine.