Why Is Oil Spiking? June 14, 2022

Updates

Later, 2:17 p.m. CT: why is oil tanking? WTI now down to $117 and it looks like it will fall further. The Fed meets today. Tea leaves tell me that the word is out: the Fed is more than willing to push US into recession if that is what it takes to prevent more inflation. For the nation, at this point in time, a recession is preferable to Turkish inflation.

Original Post

OPEC reveals production loss for May, 2022.

Oil is trading at $125.

China is opening up.

OPEC is not involved in any war.

Everything is as good as it gets in the Mideast.

And OPEC's production drops? 

Too bad for the American consumer that Biden "keystoned" American. Worst decision ever. Worst timing ever.