Oil prices have been rising about as fast as any point in recent time and with WTI prices pushing close to $100 a barrel, President Biden has frozen a whole selection of new oil leases in order to accommodate green energy policies. This all is imposed based on newly tagged costs to the ‘social cost’ of carbon emissions, attempting to quantify the costs of climate change. However, there is lots of supply price pressure due to both OPEC+ and the Russia-Ukraine tensions.
Finsum: The U.S. needs oil supply now as much as ever, companies are reopening shale drilling sites that were not thought profitable because oil couldn’t hit $100 a barrel.
