The lame-duck administration is jockeying with crude to pump up the market.
Christmas is over, but President Joe Biden has been delivering belated parting gifts to his successor. After employing various measures to reduce oil prices, the current administration admits defeat and throws the kitchen sink at Russia. With the war in Ukraine hitting its third year, the White House may believe it is helping President-elect Donald Trump by going scorched earth on Moscow, but it could be having the opposite effect.
Biden, Sanctions, and Oil Prices
When the war in Eastern Europe began, Biden and Treasury Secretary Janet Yellen tiptoed their way around applying repercussions. The objective was to punish Russia without dramatically raising oil prices in global energy markets and effectively increasing US households’ utility bills. An example…
