Biden To Release More Oil From The SPR — November 2, 2023

Locator: 45912OIL.

Note: over on social media, someone thought this was a re-cycled story, not realizing this would be a new withdrawal. LOL. The withdrawal will have no effect on America’s security. North Dakota Bakken can replace this much in six months. Speaking of which, has China invaded Taiwan yet?

WTI: now we know why WTI crashed.

14-year highs:

• The U.S. government is contemplating releasing up to 180 million barrels of oil from its emergency supplies over several months in a bid to lower fuel prices and curb inflation. 
• This bold move came a day before IEA member countries are expected to reveal a collective oil release and on the same day that OPEC refused to deviate from modest oil output rises. 
• News of Biden's impending announcement pushed down oil prices, which hit 14-year highs in March. 
• Analysts believe that Biden's plan could help the market rebalance this year but won't be enough to resolve the structural supply deficit caused by sanctions on Russia.

The price of oil has minimal impact on inflation. Period. Dot. 

Exhibit A: Starbucks.