FT News Briefing Biden’s strategic political reserve
Nov 24, 2021
President Biden's decision to release 50 million barrels of oil aims to lower fuel prices, but it caused oil prices to rise unexpectedly. The podcast discusses the strategic and political implications of this move amid inflation concerns and OPEC's potential cuts. It also transitions into a fascinating documentary on how the music industry is adapting to new trends and technologies, emphasizing the unique challenges and opportunities for independent artists in today's digital landscape.
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Biden's Oil Release Backfires
- The White House aimed to lower fuel prices by releasing 50 million barrels of crude oil from the SPR.
- However, oil prices ended up higher, as the market anticipated the move and deemed the amount insufficient.
Political Maneuvering
- Some analysts suggest the Biden administration may lack expertise in navigating oil market nuances.
- However, the move could be a political signal to Americans about addressing high gas prices before Thanksgiving.
Coordinated Oil Release
- In 2011, the U.S. participated in a coordinated oil release during the Libyan civil war, a true supply emergency.
- This current release, amid rising global supply, seems driven by political concerns over U.S. inflation.