What can Biden do to bring down oil prices?

What can Biden do to bring down oil prices?

  • Business
  • June 7, 2022
  • No Comment
  • 3
  • 3 minutes read


Oil prices have recently flirted with the highs reached shortly after Russia’s invasion of Ukraine, with West Texas Intermediate, the U.S. benchmark crude, starting the week at around $120 per barrel, before falling back slightly. Still, the price of a barrel has risen about 8 percent over the past month, and more than 50 percent since the start of the year.

The national average price for a gallon of regular gasoline was $4.92 on Tuesday, setting another record, according to AAA. That’s about 30 cents higher than a week earlier and $1.87 above a year ago.

In hopes of reducing gas prices and securing oil supplies, President Biden is set to meet Crown Prince Mohammed bin Salman in Saudi Arabia, The New York Times’s Clifford Krauss writes. When Mr. Biden does, he will be following in the footsteps of presidents like Jimmy Carter, who flew to Tehran in 1977 to exchange toasts with the shah of Iran on New Year’s Eve. Like the prince, the shah was an unelected monarch with a tarnished human rights record.

As Mr. Carter and other presidents learned, Mr. Biden has precious few tools to bring down costs at the pump. But “a president has to try,” said Bill Richardson, an energy secretary in the Clinton administration. “Unfortunately, there are only bad options. And any alternative options are probably worse than asking the Saudis to increase production.”

READ THE FULL ARTICLE →



Source link

Related post

In India, 4 Out of 10 Hypertensive Youth Have Sleep Apnea: Experts

In India, 4 Out of 10 Hypertensive Youth Have…

Cardiovascular diseases (CVDs) such as ischaemic heart disease and cerebrovascular such as stroke account for 17.7 million deaths and are the…
Reliance Retail partners with Gap Inc to bring fashion brand Gap to India

Reliance Retail partners with Gap Inc to bring fashion…

Reliance Retail Limited has entered a long-term partnership with Gap Inc. to bring American fashion brand Gap to India. Through the…
Smoke detected in cabin of IndiGo’s Raipur-Indore flight; DGCA begins probe

Smoke detected in cabin of IndiGo’s Raipur-Indore flight; DGCA…

The cabin crew of an IndiGo Raipur-Indore flight observed smoke in the plane after it landed at its destination on Tuesday,…

Leave a Reply

Your email address will not be published.