Biden favors Putin’s Russia, OPEC over US energy producers
The strategic blunder, considered a short-term panacea, created a situation where OPEC Plus and Russia was tempted to respond with a production cut war with the United States. It was a war that we would lose because there is not enough oil in our strategic petroleum reserve to compete with OPEC if it decided to take millions of barrels of production off the market.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Traders called Biden’s bluff, bidding up oil prices following the move. While prices have since ticked lower falling into a bear market, many believe the tap was too little to have the desired long-term impact.
While Americans may enjoy a slight reprieve from rising gas prices, which hit a seven-year high, the impact is likely to be short-lived.
READ MORE ON FOX BUSINESS BY CLICKING HERE
Phil Flynn is senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. He is one of the world’s leading market analysts, providing individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets. His precise and timely forecasts have come to be in great demand by industry and media worldwide and his impressive career goes back almost three decades, gaining attention with his market calls and energetic personality as writer of The Energy Report. You can contact Phil by phone at (888) 264-5665 or by email at pflynn@pricegroup.com.
