Did Biden's visit to Saudi Arabia have anything to do with dropping gas prices?

[LAS14]

I always wondered why he went and why there wasn't more discussion about it. Did I miss something?

tia
las

[asiliveandbreathe]

1. He made them an offer they couldn't refuse...

https://www.bing.com/th?id=OVP.U2OlWY67J6cw9CtiC74H6AHgFo&w=606&h=340&c=7&rs=2&qlt=90&o=6&dpr=1.25&pid=1.7

[LAS14]

3. Sorry, I don't get it. nt

[asiliveandbreathe]

7. From the scene of the horses head under the blankets from the Godfather..

Saudis love horses...

remember that classic scene from The Godfather where the movie producer Jack Woltz wakes up with a horse’s head in his bed.

[LAS14]

8. Ah. nt

[bucolic_frolic]

2. I read somewhere they're cracking more diesel and fuel at this time of year and a byproduct is gas

[LAS14]

4. "They" meaning the Saudi's? And related to Biden's trip?? nt

[bucolic_frolic]

5. Uh, no, it was said in relation to domestic refiners, I think

But it does mean more gasoline.

[Samrob]

6. Maybe he told MsB

We have the docs from Mar-a-logo and all the ones with your name on them.

[Lunabell]

9. No.

[TexasBushwhacker]

10. I believe he requested SA to increase production

and they agreed to, but they're pretty much maxed out. Demand from China is soft because they still have a major battle with COVID-19. The cost of a barrel of oil peaked at about $122 about 3 months ago, and now it's gone down a third to a little over $80. Since the cost of crude oil accounts for about 54% of the cost of a gallon of gas, such a drop in oil prices does have a major impact. A gallon of gas that costs $5 would drop by 90 cents.

But I think there's more going on, because other than taxes, there's the nebulous cost of "refining, distribution, marketing and profits" which, on average, accounts for about 35%. Where I am, gasoline has gone from around $4.50 to $3 or less, even from name brand gas. That kind of drop cannot be accounted for just by the drop in crude oil prices.

I think the oil companies got greedy for a while because they are ultimately the ones who set the price. They did it for as long as they could, because they knew that people would blame it on Biden. But they're all public companies and have to publish their quarterly profits, so when those were breaking records, the jig was up.

[onenote]

12. No. But if the MAGATs are going to blame Biden for the high prices, we should claim he caused them

to go down.

[Pompoy]

13. OPEC will cut down on production to keep price of oil up.

Just announced it a couple of days ago. They aren't being helpful. Maybe demand slowed because of high prices.

[Pompoy]

14. The refining margins had gone way up

It wasn't just the cost of oil that increased the price of gas. The refinery margins had gone up at least fourfold.
Although a lot of it had to do that a lot of them had gone off line recently due to hurricanes damage and companies not willing to invest in anticipation of electric vehicles being a bigger piece of the car market.

[usonian]

15. Documents

If he ever wanted to play golf again, MBS had to fess up to having them and hand them back.

[former9thward]

16. The price of gas in my area (Phoenix) is up 40 cents a gallon in the last two weeks.

The Saudi's did not increase any production. They were running 100% anyway.