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The increase of production is no such thing. They and 1/2 of OPEC were already exceeding the quota by 1.5mm barrels, so by announcing a quota increase of 1.5mm barrels, they merely lend validity to their breaking the cartel rules. Perhaps others that actually followed the rules will increase production, but I am guaranteeing nobody in OPEC is genuinely interested in helping us EXCEPT the Saudis.
Even if we had a genuine flooding of the market, it would help spot market prices, but only in a limited way. Unless someone puts the screws to the oil companies to add refining capacity, it won't matter. We will still have shortages.
Now if we could get the 22 states that have special fuel mixtures in the summer to agree on one standard, perhpas the refineries could free up some capacity.
JM the non-driving
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