‘Skimming Stones’ Pattern Shows Wall Street Is Wrong About Oil

About a week ago, President Joe Biden made a highly unusual move by reaching out to OPEC, urging the cartel to increase oil production in a bid to tame rising gasoline levels for the U.S. consumer. Ostensibly, Biden feels that high oil prices will hold back the economic recovery amid the ongoing pandemic, though a more subtle reason could be the fact that gas prices tend to have a huge impact on the American psyche and could jeopardize the Democrats' future political ambitions. Well, it appears that Biden could get his wish despite OPEC declining…