I think gas is down about a nickel here. So, many thanks to President Biden.
Saudis could end this by ramping production up and getting OPEC to go along with them. The largest state owned oil company in Saudi Arabia, Saudi Aramco made $49 billion in profits in 2020. They made
$110 billion in profits in 2021.
They don't have much incentive to right now as they are making a shitload of money, and they also openly hate Biden- who really did it to himself by flapping his stupid gums about "making them a pariah", "reassessing our relationship", he publicly blamed MbS for killing of Khashoggi, he also vowed to end US support for Saudis war in Yemen (he hasn't), he vowed to stop selling them weapons (he hasn't), and he vowed to re-enter the Obama Iran nuclear deal (Saudis don't want this, obviously). Not to mention when Biden got into office he flatly refused to even speak to the crown prince of Saudi Arabia, MbS on the phone for over a year.
Sorry, can't publicly treat Saudis like a dickhead and then privately be a dickhead by refusing their calls and then come begging them to pump oil like a little bitch when you need the price to go down so your party won't get wiped out in the midterms and you can have some sort of W when your Presidency has been nothing but L's and it looks like you're gonna be 1 termer.
Guy did it to himself. If you're an
asshole towards another country, don't expect them to jump through hoops to do you a favor.