Officials are considering releasing oil from the strategic reserve. They’re also pushing the FTC to investigate possible price gouging.
So far, big oil companies are in the "not" camp.
Two reasons: reluctant investors and potential regulations.
Demand is picking up as more and more people resume their normal lives after vaccination.
Even after the weather starts improving, this crisis' effects are likely to linger and be felt far beyond the Lone Star State.
Ramping up production when demand is still weak could have major consequences on a relatively stable oil market.
Demand for oil has come back a bit, but it's still lower than it was before the pandemic.
OPEC countries, plus Russia, met Monday amid fears that the next wave of the pandemic will pummel demand.
U.S. stock futures and Asian shares fell Friday after the president said he and first lady Melania Trump had tested positive.
Oil prices are still far below the break-even point for many producers in the Middle East.