• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
What Does Renationalizing Thames Water Mean?

What Does Renationalizing Thames Water Mean?

While pundits discuss the necessity…

High Interest Rates Are Crushing Renewable Energy Projects

High Interest Rates Are Crushing Renewable Energy Projects

The renewable energy sector faces…

WTI Crude Slides As Inflation Fears Spook Traders

The API inventory report on Tuesday showed a crude oil inventory decrease that sent prices upward. But WTI fell on Wednesday after the EIA reported the opposite on Wednesday—a crude oil inventory increase.

The price dip, triggered by data supplied by the government-run Energy Information Administration, a strong dollar that makes U.S. oil costlier for other nations, and inflation fears, will at least partially alleviate some pressure on the Biden Administration, who on Wednesday said that oil prices were a top issue.

Traders ditched the risky oil assets on Wednesday, fearing central bank actions as prices continue to rise.

WTI crude sank $2.90 per barrel (-3.45%) at 4:00 p.m. EDT to $81.25, while Brent crude fell $2.22 (-2.62%) to $82.56.

The Biden Administration has found itself in hot water over the high crude oil and gasoline prices—the latter which have plagued the American consumer, threatening to diminish support for President Biden. President Biden is still considering other avenues to quash prices, including a release of crude oil from the Strategic Petroleum Reserve and repeated calls on OPEC+ to increase production.

The Administration has even decided to spare the controversial Line 5 pipeline that runs from Canada to Michigan, which has found ardent resistance from Democrats, including Michigan’s Governor Gretchen Whitmer who is now largely out on a limb in her resistance as President Biden pulls out all stops to curb high prices.

The U.S. oil industry has claimed that Biden’s anti-U.S. oil industry ways are precisely what is contributing to the high prices. The President has argued that OPEC+ and their refusal to produce more crude oil is what is keeping oil prices high.

By Julianne Geiger for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News