- Oil futures retreat as traders weigh potential action from the White House to lower energy costs
- President Joe Biden said that reversing inflation is now his top priority, particularly in energy
- Biden is also receiving pressure from fellow democrats to address rising gasoline prices with measures such as a ban on oil exports
- “If you block crude and cause an artificial drop in WTI price, you probably hurt the driller more than you help the driver,” said Kevin Book, managing director of research firm ClearView Energy Partners (Bloomberg)
- The U.S. could release 45-60 MMBbl from the SPR by bringing forward next year’s mandate sales of 20 MMBbl, according to Citigroup
- Doing so may help curb prices, analysts including Francesco Martoccia and Ed Morse (Bloomberg)