The markets are down as the price of crude oil reaches a 13-year high.
Thank you Joe Biden. The media may tell you that the high price of oil is due to the Ukraine – Russia conflict but they forget that America was energy independent only a year ago under President Trump.
Under President Trump the US was an oil producer for the first time in nearly a century. President Trump recently reminded us of where America would be without the stolen election.
Trump also asked in May, what is more relevant today, who is running the US energy department under Biden.
Today the price of a barrel of brent crude oil has reached $130 – the highest price in 13 years since Obama was in office.
West Texas Intermediate crude futures, the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since mid-2008. At one point the price topped $130 a barrel.
The international benchmark, Brent crude, traded 9% higher to $128.60, also the highest price seen since 2008.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.”