President Joe Biden has been scrambling to put a lid on runaway oil prices over the past month. Biden’s latest plan is a joint strategic oil reserve release, cooperating with the likes of China, India, and Japan. OPEC+ has drawn a line in the sand, saying that if there is an orchestrated attempt to release strategic reserves, it will tighten supply. Media reports about the joint release of millions of barrels of oil by the United States, China, and Japan prompted a selloff across oil futures contracts and a decline in benchmarks over the last week. However, the trend reversed this week when OPEC+ suggested that it might tighten supply in response to the release. The reserve release idea came from the White House, which has been scrambling to find a way to rein in retail fuel prices amid rising inflation. According to the reports, President Biden approached the […]