Why Biden Can’t Put A Cap On Oil Prices

Oil prices hit the highest levels since October 2014 this week, prompting renewed pledges from the U.S. Administration to do what it can to relieve prices at the pump for Americans.  Oil traded even higher this week than it did in November 2021. Back then, the Biden Administration had announced the release of 50 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) in a bid to lower high gasoline prices in a coordinated effort with other major oil-consuming nations. After falling between the end of November and early December—thanks…