Yields Rise As Fed Chair Gets Nod From President Biden

Yields Rise As Fed Chair Gets Nod From President Biden

Bloomberg is reporting that President Joe Biden is set to tap 5 million barrels of the U. S. Strategic Oil Reserves in response to higher oil prices. This would be the biggest draw ever for the United States. The White House hopes coordinate the release with other releases from India, Japan, and North Korea, although their releases would be much smaller by comparison. China already tapped its oil reserves in September and announced last week that it is looking to tap once again. The goal is push OPEC to increase output, but OPEC has responded by threatening to produce less oil to offset the reserve releases. The news prompted crude oil (/CL) to trade 1. 8% lower before the market open, but the price has backed off of those lows. Even though the draw would be the biggest ever from the oil reserves, it's not that much compared to the overall oil market. According to Statista, OPEC produces about 30 million barrels per day. Some critics of the policy want to see the U. S. oil remain in the U. S. by banning exports, while others would like to see President Biden reverse some of the executive orders, he signed