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The Biden Administration has been successful in bringing down prices at the pump by releasing crude from its SPR, but this strategy has already proven to be unsustainable in the light of lower OPEC+ production
High inflation, record-level interest and mortgage rates and now rising gas prices are likely to reverse the gains made by Democrats on the economic front.
The leader of the non-OPEC oil producers in the OPEC+ alliance, Russia, is the biggest beneficiary of the 2 million barrels per day (bpd) cut announced this week
The Biden Administration directly announced that it was disappointed with OPEC+’s move to cut production, but despite its rhetoric, there’s little Washington can do to counter OPEC
WTI crude prices rallied back towards $90 as a result of the OPEC+ output cut, but prices may pull back as the Biden Administration is dead-set on bringing crude prices back to more palatable levels ahead of the Mid-terms