Biden Took Action to Lower Oil Prices. Why It May Do the Opposite.
President Joe Biden’s announcement that the U.S. and other countries will release strategic crude reserves was designed to force oil prices lower. Instead, they rose sharply Tuesday.
West Texas Intermediate crude futures fell slightly early Wednesday after initially rising above $79 per barrel. So, why did Biden’s move appear to have the opposite effect?
Well, the announcement had been anticipated and oil prices dropped by more than 10% over the three weeks before yesterday’s news….