Here’s How Biden Could Bring Oil Prices Down

If you have ever wondered what it would be like if a major oil-producing country suddenly went offline, you are getting a preview of that now. I am sometimes asked whether there are any potential scenarios in which crude oil rises to $200 a barrel (bbl) and I typically say “That could happen if war broke out in Saudi Arabia and it took that country’s oil production offline.” Well, that also applies to Russia, which was producing more oil than Saudi Arabia when the 2021 BP Statistical Review of World Energy was released. To be…