berg80
Diamond Member
- Oct 28, 2017
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Correct.There has been no transition and these prices are not because of Biden.
In Nov. 2021 satellite images showed an ongoing buildup of Russian forces near Ukraine with estimates soon surpassing 100K troops deployed.
On 11/30/21 WTI crude was $65.73 a barrel.
In Dec. Russia started making demands on NATO, like never letting Ukraine join. World leaders, and oil speculators, became convinced Putin would invade.
By 1/1/22 WTI was at $77.00.
Between 1/1/22 and 2/23/22 the price of oil climbed to $91 on invasion fears.
On 2/24/22 Putin launched the invasion and oil immediately spiked to a little over $120.
So......from 11/30/21 to 2/24 22 the price jumped from around $66 to just over $120. Exactly what Biden policy caused the jump in such a short period of time..................considering there are ample oil leases and permits for oil companies to use if they wanted to increase production?
Check out OIL's stock price (@CL.1) in real time
The answer..........it wasn't due to Biden. Repubs are cynically preying on the anger and ignorance of those paying $5 at the pump to gain a political advantage for the upcoming midterms.