Once again sharing from our internal market log:
Thinking about political constraints and incentives this evening:
Headline: “Biden Team Weighs a Massive Release of Oil to Combat Inflation.”
I.e., hit the SPR, which was originally intended to tap only in the event of national (security) emergency. Not, that is, to manipulate the price when market forces dictate one higher than is politically expedient.
There’s so much wrong with the above I’m not even sure where to begin. But, suffice to say, the absolute most that can be hoped for is a temporary reprieve.