Biden supporter here.
First off, some info….
“Brent Crude vs. West Texas Intermediate: An Overview
The major difference between the crude oils Brent Crude and West Texas Intermediate is that Brent Crude originates from oil fields in the North Sea between the Shetland Islands and Norway, while West Texas Intermediate is sourced from U.S. oil fields. Both Brent Crude and West Texas Intermediate are light and sweet, making them ideal for
refining into gasoline.”- [Source] Investopedia.com
“…Although the U.S. does not import much oil from Russia, oil is traded on the global market and changes affect prices all over the world. But the price of gas is also linked to the cost of crude oil, from which it's refined. It is estimated that every $10 increase in the cost of a barrel of crude adds almost 25 cents to each gallon of gas.”[Source]-Newsweek.com
“…Citigroup analysts believe oil prices could fall to as low as $65 per barrel by the end of this year, should a global recession occur, and drop to $45 per barrel by the end of 2023.”-[Source]-https://www.rigzone.com/news/oil_prices_being_yanked_back_and_forth-08-jul-2022-169592-article/
There is not a f’en thing he can do. It’s trading above $100 and while stability is here, summer demand is high here in the states…wow’zers! But war causes jitters on international markets. Putin plans to disrupt the market. He got away with 8 years ago and became very emboldened by a few meaninglessness sanctions.
Back to Biden. What is there to say? Even Dem caucus is not liking his weak speak. He messed up by not taking action on the looming economic forecast when he took office. Despite his hand he was dealt the feds should’ve raised rates (just a little) sooner, but he didn’t
and that’s why he owns it.