Saudi Arabia Agrees to Boost Oil Production After Biden Visits

Crude oil costs still affect gas prices. The major issue right now is refining, but it's 100% wrong to say "crude supply literally has nothing to do with the price of gasoline." Importing more oil will reduce prices...not as much as we'd like, but a new refinery hasn't been built since 1977 and the ones we have are closing from breaking down or the oil companies decided it wasn't profitable when demand dipped during the pandemic. It would take 10 years to build another full scale refinery, which again, hasn't been done since '77 so unlikely to happen at this point.

Doing something to increase the supply of crude is all that can be done in his power, he can't make the oil companies reopen closed refineries from the pandemic and there is nothing that can be done about the refineries breaking down because they are too old or not profitable enough to repair.

/r/economy Thread Parent Link - businessinsider.com