So Obama and Cameron, this pair of Cnuts, intend to bring down the price of oil ? I recall Gordon Brown of evil memory scuttling to Saudi Arabia in 2008 with the same objective last time around. If he claimed the credit for lowering it from $147 to $30 well, no-one gave him any. Markets, dear boy, markets.
Of course the Big Boys have Big Levers to hand, and the Americans are not averse to using them. And hey, it's Election year ! Let them recall how futile was their last essay in flooding the market with strategic oil stocks, however. The effect lasted about a month: and the (Brent*) oil price has still never been below the $100 it reached 14 months ago.
Gasoline at the pumps may be slightly different, particularly in the UK, because there is so much tax in the final price, which can of course be reduced if so determined. But there is far less tax in the US price, and hence far less scope. The American 'driving season' will soon be in sight and as we know from 2008, if retail gasoline is in excess of $4/gallon, the driving season is spontaneously cancelled and everyone feels heartily pissed off. In Election year !
So we wait with interest to see what intervention they have in mind. Don't be surprised if we see another May Massacre - the concerted attempt to flatten the prices of commodities and precious metals at the beginning of May last year. It was dramatic, it had an impact. But not for long. There are many months before that Election and only GlobalRecession2 will bring down the price of oil fundamentally. The market is bigger than the politician - even the POTUS.
For which we may be grateful.
PS: suggestion to POTUS - if you don't like today's price of oil, you'll just hate what happens if you mallet Iran ... jus' saying ...
* WTI has been below $100 but that is a quirk of the delivery system at Cushing and has nothing to do with world oil prices