Why The U.S. Is So Vulnerable To Rising Oil Prices

Oil markets started off the week under pressure as continued speculative “long” liquidation amid delta variant demand concerns weighed on prices. However, in an ironic twist, the oil market got a boost from an unlikely source on Wednesday as the Biden administration announced it was pleading with OPEC+ members to increase oil production to stem inflationary pressures from rising domestic gasoline prices. The White House announcement was naturally intended to pressure oil prices lower as has worked under past administrations but instead…