The Energy Report: Oil War – Investing.com

The Energy Report: Oil War – Investing.com

President Joe Biden is starting an oil war that he cannot win, and the causalities will be the U.S. consumers and unionized oil workers. After being rebuffed by OPEC+ Russia to raise oil protection the U.S. now is embarking on a foolhardy adventure to try to manipulate the global oil markets with a release of 50 million barrels of emergency oil supply. The problem is that the real emergency is the Biden administration’s sinking poll numbers and a failed energy policy.

The Biden Administration is starting to understand that its energy policies have created a situation that Energy Secretary Jennifer Granholm finally admitted is a “crisis” and that, in large part, has been caused by the Biden Administration’s energy transition. Before that statement, the administration blamed OPEC plus Russia, it blamed oil companies for price-fixing. Now, it realize that the blame falls on them.