When President Biden yesterday unveiled his $2-trillion economic recovery plan, few in his immediate circle likely thought about oil. Yet, the plan will have a positive effect on oil demand because $621 billion of the total would be used for transportation infrastructure, including lots of roads. And roads are built with asphalt. Of this $621 billion, $115 billion would be allocated for road and bridge construction, Bloomberg noted in a report, and another $16 billion has been earmarked for laid-off oilfield workers who would be tasked with plugging abandoned oil wells and securing abandoned coal mines across the country. But the biggest winner from the recovery plan could be Canadian oil sands producers in what could be seen as an ironic twist of fate after Biden canceled the Keystone XL pipeline that might have made life easier for these companies by providing a much needed additional outlet for their […]