Crude oil prices continue to remain stable above $100 per barrel, which has caused consumer anger since the global economic recovery.
This week, BRENT futures rose 5.14% to close at $119.25 per barrel.
WTI futures closed up 4.33% this week at $115.07 per barrel.
Now, U.S. President Joe Biden, of all people, is probably sending the next bull flag into the market by seeing this week’s high gasoline prices as a good sign and seeing them as part of a big plan.
Biden celebrated the record-high gasoline prices in the U.S. in a speech in Japan, arguing that he considers them part of a transition phase in which the U.S. is switching from fossil fuels to renewable energy.
“[When] it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,”said Biden during a press conference.
However, Biden continues to insist that the measures taken by his administration have helped prevent prices at the pumps from rising even further. He is referring to the 180 million barrels of crude oil that have been drawn from strategic reserves to counter shortages.
The statement that rising prices at the pumps and also the oil companies have been given a fight shows that the current administration is serious about switching from fossil fuels to alternative energy. However, it is the first time that Biden openly admits that rising fuel prices are part of the agenda.
For oil prices, this could be another sign of an upward trend. The statement of Biden shows that from the political side should come more headwinds against the oil industry. This could lead to even higher crude oil prices in the medium to long term.