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WTI Shrugs After Biden Admin Hints At (Another) SPR Release
Isn’t it the definition of madness to repeat the same action and expect a different outcome?
Never mind that, Bloomberg is reporting that – in response to the soaring oil prices, which are sending gas prices at the pump near record lows – the Biden administration is considering another release from the Strategic Petroleum Reserve.
Let’s check back and see how that last SPR release worked out (remember the coincident tumble in oil was driven by the emergence of Omicron)… For now, since the last SPR release, gas prices at the pump are 15c more expensive and given the supply chain lag, look set to soar near record highs in the next week or so…
The response from the market was barely a dip…
Oh well, at least this time, Biden has someone to blame? Except that oil prices have been soaring for months – absent Putin…
Tyler Durden
Wed, 02/23/2022 – 14:50
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