What’s happening here is we’re deliberately flooding the world’s oil supply in order to drop prices. There’s two big reasons for this:
- Americans spend more at the pump than most countries’ people. They drive bigger cars, but more significantly, they drive much farther. So the impact of high gas prices is felt more here, and the government has reasons to want it lower.
- More importantly, Russia right now is trying to fund a war we want them to lose, and most of their funding comes from selling oil & oil derivatives. We can’t make every country in the world sanction Russia, in particular China and India don’t really have an interest in doing so. But we can undercut Russia by opening our reserves, so those countries buy our oil instead, and leave Russia without a market.
If anyone is interested in where this oil is stored, you’ll find this link explaining it very interesting.
Meanwhile, India and China are now reselling natural gas it bought from Russia to Europe at 4x the price… That’s big business!