The Daily Chart: Oil, Boil, and Trouble

The Biden Administration’s war on oil and natural gas accelerated recently with the cancellation of oil exploration in the . . . checks notes . . . National Petroleum Reserve and other Alaskan lands, and there are reports that Biden may once again raid the Strategic Petroleum Reserve in an attempt to bring down gasoline prices at the pump, because election season is upon us. But U.S. oil reserves are near a 40-year low. Hopefully nothing happens in the next year that will make us regret depleting our “strategic” reserves for political purposes. But then what did everyone think was going to happen with that pot of politically useful oil just sitting there?

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