Paul Wiseman finds that Russia, COVID, inflation, and the strong US dollar are all driving the oil situation in North America. Early in the northern hemisphere summer of 2022, prices for West Texas Intermediate (the US benchmark) as well as Brent Crude (the European benchmark) dropped from previous highs due to concerns about China’s zero COVID policy and demand destruction in the US due to historically high pump prices. In July, US President Joe Biden met with Saudi Arabia’s Crown Prince Mohammed bin Salman. The stated reason was for a ‘reset’ and to ask one of the world’s biggest exporters […]
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