Quote:
Originally Posted by TheIronMaiden
People who know more than me. How much is the price at the pump related to the fact that the US army is no longer in Iraq?
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Not much at all.
OPEC made the decision to cut output during the pandemic, as the demand for oil fell off a cliff. They had a plan to slowly increase output back to pre-pandemic levels. The Russian war caused a shock to the oil markets, and OPEC is now increasing production much faster than originally planned. It's still not fast enough.
On top of oil demand/supply issues, there has also been genuine inflation caused by low interest rates and massive covid stimulus. Our dollar is genuinely worth less now, and oil prices will not go down to where they were.
The Iraqi oil industry is actually in a pretty stable place:
https://www.business-standard.com/ar...0said%20Sunday.
The US also doesn't really import much oil from the middle east anymore. The USA is also now the world's largest producer of oil an a net exporter.