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WTI Slides After Small Crude Inventory Draw, Distillates Surprising Build
Oil prices have erased much of yesterday's gains after headlines reported the U.S. called on the OPEC+ alliance to revive production more quickly, as it appears the Biden White House is starting to panic over the highest gas prices in seven years... U.S. retail gasoline prices are running at about $3.18 a gallon at the pumps, up more than a dollar from last year at this time, according to the American Automobile Association. Which is ironic given that the call for OPEC+ to boost production also seems a quick turnabout from Thursday's executive order calling for hybrid and electric cars to make up 50% of U.S. auto ... (full story)