Former energy advisor Bob McNally once said, “Few things terrify an American president more than a spike in fuel [gasoline] prices.” U.S. President Joe Biden is grappling with the task to bring down oil prices, but his options are limited. Some are even speculating that Biden’s perceived inaction is fueled by a desire to make his renewable agenda seem more cost-competitive. U.S. presidents have long been made by their advisers to understand the dangers of benchmark oil prices staying above the US$75-80 per barrel (pb) level for extended periods of time. As the Brent and West Texas Intermediate (WTI) benchmarks continue to spike back above that level – and threaten a sustained move even above US$90 pb – there will be renewed pressure on President Joe Biden to act to bring oil prices down to below the ‘danger’ levels. The danger for a U.S. president in oil prices being […]