Crude oil has already zoomed back to two-month highs. Gasoline prices, which move with a lag, have stopped their muted decline. And they're starting to creep higher again
Crude oil has already zoomed back to two-month highs. Gasoline prices, which move with a lag, have stopped their muted decline. And they're starting to creep higher again. The energy resurgence is only going to add to the economic anxiety gripping the United States and sinking Biden's poll numbers. "This is a terrible situation. Gas prices are in this political danger zone," Helima Croft, head of global commodity strategy at RBC Capital Markets, told CNN.
A more extreme stepIn November, nearly a dozen Congressional Democrats urged Biden to ban US oil exports, a dramatic step that some Wall Street banks and industry experts have warned would badly backfire. At least one powerful official inside the administration backed that idea: White House chief of staff Ron Klain.As CNN reported last fall, the soaring price of gasoline so alarmed Klain that at one point he suggested halting US exports.
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