Biden’s Oil Price Approach Is Working and He Hasn’t Even Acted
- U.S. crude futures have fallen about 7% from October peak
- Gasoline pump prices still at 7-year highs, but stabilized
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President Joe Biden, battling the political consequences of the strongest inflationary surge in decades, has spent a good month trying to talk down the price of oil. And for now, it’s working.
Ever since late October -- when crude prices topped $85 dollars a barrel and OPEC+ resisted his calls to ramp up production faster -- Biden has been threatening to unleash oil from U.S. emergency reserves, asking bureaucrats to investigate the U.S. oil industry for price gouging and prodding other oil-consuming countries around the world to act. The administration has even explored the option of export controls.