Oil Bulls Rejoice As Biden’s Supply Strategy Backfires

President Biden’s threat to oil producers that he would force prices down has already backfired. Oil markets were unimpressed by the U.S. administration’s plan to coordinate a strategic petroleum reserve release from major importers in an effort to increase supply. While some observers believe an SPR release could push oil prices down, most analysts have warned that it will only have a temporary effect and could eventually trigger a price spike. OPEC+ members have not even engaged with Biden’s strategy as they saw it as flawed…