The Biden administration sold roughly one million barrels from the Strategic Petroleum Reserve to a Chinese state-controlled gas giant that continues to purchase Russian oil, a move the Energy Department said would "support American consumers" and combat "Putin's price hike."
On Independence Day, many Americans think about, at least briefly, the American Revolution. One important thing they should consider in this reflection is that the American Revolution is misnamed. A more appropriate name would be the American Secession.
In the longer term, oil and gas prices look set to rise unless investment picks up sharply, which seems unlikely given current policy guidance. Giant waves of supply and demand shocks will likely continue to roil energy markets and the global economy.
Decry the ideology as its crypto detractors may, the Bitcoin-only movement has only grown stronger over time.