President Joe Biden is releasing oil from the strategic reserves, but he cannot change...
“For a company like mine and many others,Eight years later, his prophecy has come true, and no amount of oil
With gasoline prices rising to record highs, President Joe Biden sought to ease the pain for Americans on Thursday by releasing 1 million barrels a day of crude from the U.S. strategic reserve for the next six months, adding 1 percent to the global supply. Brent crude dropped 3 percent to $103.The meager drop, which will translate to a negligible reduction in pump prices, proves the federal government’s limited ability to affect prices in a global, competitive market.
On Thursday, OPEC ratified a 432,000 barrel-a-day supply increase for May. The slight increase mocks Biden’s request for a million barrels.is clearly playing a role. Biden has snubbed the minister’s boss, Saudi Crown Prince Mohammad bin Salman, for his oppressive assault on civil rights and the murder of Washington Post columnist Jamal Khashoggi.
OPEC, meanwhile, has found a friend in Putin. By including Russia and its allies in setting oil production quotas, the cartel has found greater influence in global markets and injected billions into the economies of petro-dictatorships.
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