The price of crude oil was already dropping by the time the Biden administration announced the coordinated effort among allies to release crude oil from their reserves. With roughly 1.05 billion barrels in reserve, some of which are used to meet basic demand each year during hurricanes or other periods ... READ MORE >
strategic petroleum reserve
Wholesale gas futures point to decline in retail prices
Following Tuesday’s announcement of the coordinated release of strategic oil reserves, policymakers and investors are focusing on the indirect—or some would say the actual— target of such an action: consumer retail gasoline prices. Based on the relationship between retail gasoline costs and wholesale ... READ MORE >
What the global coordinated release of petroleum reserves means
The politics and policy of global inflation will begin to shape markets as major global economies push back in direct and indirect ways on the surging price of oil. Recent jawboning of the oil market by the Biden administration and its global allies has resulted in a roughly 9% decline in the price ... READ MORE >