I can’t for the life of me figure out the oil shit at this point. It feels inevitable that prices will go up more before the end of the year but America keeps doing this will they won’t they thing with bombs.
Edit: thank you everyone for your response!
I saw someone offer some math that suggested if the US taps its reserves to or just below the level that requires congressional authorization (easily sold as standing with pissrael to Democrats) they should have enough reserves to keep these low prices through election day and potentially even until the start of 2027 if there’s continuing efforts at conservation and demand destruction. For that reason I presume they’re not that worried. Things like this are part of playing for keeps for hegemony in the rest of this century so they’re willing to expend a lot on it.
After the election there won’t be any real political fear from $10/gallon gas. Just scapegoating and screaming about communists and the new triad of enemies: China, Russia, Iran. So US could be in a war with Iran for quite some time while working people suffer. There was the OPEC boycott in the 70s over the same matter (supporting the zionist entity) and people just shrugged it off and the US government stayed in power and refused to stop supporting the zionist entity and the boycotters gave up in time. Iran has a big liberal class so the US is doubtless hoping to use them to get a better deal. Things are not going perfectly in Iran either economically so who can say what will happen there in 6 months.