Impact of Rising Oil Prices on White House

Crude oil prices are rising, leading to higher inflation and pump prices, which could impact President Biden's reelection campaign. The White House is considering diplomatic efforts to ease OPEC cuts.

Russian Crude Oil Prices

Russian crude oil is currently selling for about $75 per barrel, above the $60 cap imposed by the G7 in 2022. Despite efforts to starve Russia’s war machine of oil revenue, prices remain high, especially in markets like India. Western shipping companies may not be honestly reporting the value of the Russian oil they transport.

Rising Gas Prices in the US

Gas prices in the US have reached a six-month high of $3.60 per gallon, spiking over 50% under President Biden. The rise is attributed to factors like industry maintenance, summer fuel blends, high oil prices, and geopolitical tensions in the Middle East and Ukraine.

Saudi Crown Prince Mohammed bin Salman potentially sabotaging Joe Biden's reelection bid through oil price manipulation

Saudi Crown Prince Mohammed bin Salman is potentially sabotaging Joe Biden's reelection bid by manipulating oil prices, which could impact Biden's popularity as they rise. This tactic was used successfully in the past to lower Biden's approval ratings. The increase in oil prices is partly due to production cuts agreed upon by OPEC+, led by Saudi Arabia. Russia is also benefiting from high oil prices in its conflict with Ukraine. The relationship between Biden and MBS has been strained due to various disagreements, including the handling of journalist Jamal Khashoggi's death and the nuclear deal with Iran.

Saudi Crown Prince Mohammed bin Salman's Role in Oil Prices and Potential Impact on Joe Biden's Reelection

Saudi Crown Prince Mohammed bin Salman may be trying to sabotage Joe Biden's reelection bid by increasing oil prices, which historically have negatively impacted Biden's approval ratings. The Saudi leader's actions, in collaboration with Russia, are aimed at keeping oil prices high to fulfill economic goals and exact revenge on Biden for past insults.

Oil Prices Surge Amid Middle East Conflict and Ukrainian Drone Strike

Oil prices rise to highest level since October amid escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. Geopolitical tensions and economic data fuel the increase.