THAT’S NOT EVEN CLOSE TO HIS PERSONAL BEST:
It Took Just Four Days For Biden’s Oil Price Scheme To Go Up In Smoke.
The Brent crude index, the global oil benchmark, increased to $108.07 per barrel Monday morning, surging more than 3.1% overnight. The U.S. WTI index skyrocketed more than 3.4% past $103 per barrel Monday.
“Will the release of barrels from strategic reserves fill a shortfall caused by sanctions and buyer aversion to Russian oil? In a word, no,” Stephen Brennock, an analyst at PVM Oil Associates, told Reuters.
Biden announced Thursday that he ordered the Department of Energy to release a million barrels of oil stored in the Strategic Petroleum Reserve (SPR) every day for six months. The following day, the International Energy Agency said its 31 member nations pledged their own separate release of 62.7 million additional barrels of oil.
The US uses about 18 million barrels of oil each day, and every trader knows that at some point we’ll have to refill the SPR.
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