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this post was submitted on 22 Mar 2024
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Prices are determined based on supply and demand, so any event which decreases the global supply, even in sectors where most of the world was not being given market access, will drive the price up for everyone else.
This is why Biden has been approving drilling projects left and right while transitioning America off the stuff, America's prices are subsidized, but the world gets squeezed big time by supply fluctuations elsewhere, it's basically a spooky action at a distance way to try and subsidize global prices to artificially keep them low same as America's oil prices.