I expect Biden's speech on reducing the gasoline prices will accelerate a full attack by oil

[JohnSJ]

companies on us, especially the use it or pay for it in regard to their oil leases.

This is a welcomed announcement, and the first time I can remember a direct confrontation against oil companies by a President of the United States

When the critics come out, and they will, I suspect they will argue to let the market work. The reason that wouldn’t work is because of the de facto monopolies oil companies hold

A million dollars day from the oil reserves is significant

It is also significant that oil companies and our supposed oil rich allies will not help in this crisis situation

[Fullduplexxx]

1. They will jist limit availablity

[JohnSJ]

3. Then they will be charged for it. That is what the use it or you will pay for leased lands

[ProfessorGAC]

2. Exactly How?

You do know that oil companies do not set the market price of refined gasoline, correct?
This speech needs to be directed at the marketeers that hedge their risk by bidding up newer futures in contradiction to crude prices.
It's a form of price fixing that never gets pursued.
The oil companies are fortunate beneficiaries of that action, but since they don't set prices, there's no attack they can foment.

[JohnSJ]

6. It is still affected by supply and demand. If the supply is increased, (i.e. releasing 1 million

barrels a day), those markets will react accordingly.

Oil futures went down today because the President said he would release 1 million barrels of oil a day.

Biden also indicated to the oil companies, that the land that is leased to them for oil pumping, if it is sitting idle, the oil companies will be charged extra for not pumping more oil on those lands. It is an incentive to oil companies to pump more oil, and thus increase the supply.

[pecosbob]

4. Hedge funds own most of the planet at this point

Blackrock and Vanguard are major shareholders of everything on the planet...all the major fossil-fuel corporations as well as all the major media corporations and Wall Street and all the major banks and Coke and Pepsi, ad infinitum. Circular ownership and shadow monopolies. You decide for yourself whether you think they can control the narrative if and when they want.

[WarGamer]

5. $10/gal gas is next...

OPEC and the domestic mfg will see to it