Oil prices rose to the highest levels since October 2014 this week. The Biden Administration is once again scrambling for solutions, considering that the high price of gasoline is a red line for most voters. The problem is, politicians have few tools to influence the oil market ruled by the laws of supply and demand. Oil prices hit the highest levels since October 2014 this week, prompting renewed pledges from the U.S. Administration to do what it can to relieve prices at the pump for Americans. Oil traded even higher this week than it did in November 2021. Back then, the Biden Administration had announced the release of 50 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) in a bid to lower high gasoline prices in a coordinated effort with other major oil-consuming nations. After falling between the end of November and early December—thanks to the […]