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Oil Spike Erases Biden-SPR Benefits – Now What?

Courtesy of ZeroHedge View original post here.

On the heels of lower Russia output (sanctions and snubs of Urals crude, despite record discounts) and Libya's oil production plunging by more than half a million barrels a day amid a wave of political demonstrations engulfs the OPEC member’s energy industry, oil prices have extended their gains this morning, with WTI now erasing all of the lower price benefits from Biden's SPR Release Plan announced in late-January. It also appears Biden's relenting on Ethanol and land leases has done nothing at all (for now).

WTI Crude topped $108 this morning..

This is a major problem for President Biden as 'the largest release' in history has achieved nothing at all in terms of his endgame hope of reducing gas prices at the pump, which are now turning up once again, following crude and wholesales gasoline prices back towards record highs…

As an aside, here's what has actually occurred since President Biden unleashed his cunning plan. The entire term structure for the price of oil (out to 2027) has increased in cost!!!

Now what Joe?


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