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Global oil markets are laughing off Biden’s announcement to release another 15 million barrels of oil from the Strategic Petroleum Reserve, extending the previously announced release through the month of December. Traders realize that the amount of oil that they’re talking about is really a drop in the bucket. With every barrel they release, the US SPR gets smaller. Now the Biden administration wants to try to tell oil companies that they will put in a floor price for oil by buying it back at $70 so they can make the type of investments in oil and gas that the administration has been blocking in the past.
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Image and article originally from www.barchart.com. Read the original article here.