Two months after U.S. President Joe Biden announced an unprecedented effort among major oil consuming economies to work together to bring down rising fuel prices, prices are again approaching multi-year highs. And Biden has few options to stop the rally. Global benchmark Brent crude passed $84 a barrel on Wednesday and leading analysts are forecasting that oil could pass $100 a barrel in the first quarter. Biden spearheaded a coordinated release of oil from strategic reserves with Japan, India, South Korea, Britain and China in November that helped quell prices – even though, in the end, China did not take part. Brent briefly dropped below $70 a barrel, but the effects were short-lived. Rising oil prices present a political headache for Biden and any U.S. president, because the United States is the biggest consumer of gasoline globally, burning roughly 9 million barrels per […]