It always remains about Oil

Did anyone find the irony and hypocrisy in the Biden Administrations disapproval over OPEC+’s decision to cut oil production quotas at their recent meeting?

President Biden et al. aren’t thrilled with the decisions, which should invariably send oil prices higher.

It did.

WTI Crude and Brent Crude rose 16.5% and 15% for the week, respectively.

So, does Biden actually want OPEC+ to pump, produce and export more oil?

But isn’t this against his climate policy?

Well, this is another hypocrisy of his.

It’s not a question about why he is releasing so much oil from the U.S. Special Petroleum Reserve. That answer is to win votes this November 2022.

But it inevitable that when more Oil is released, then more Oil is burned and used.

And this story goes round and round and round.

It’s relevant to identify the price-taker and who is the price-maker.

October 9, 2022

by Rob Zdravevski

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