The White House is doing a fabulous job keeping oil prices low through strategery, says All-Business Oracle, CNBC, where the motto is: We’re the Real Rock Star of the Stock Market.
“The White House promise that it could release oil from strategic reserves if prices get too high,” says CNBC “is keeping a lid on crude prices, already under pressure from slower global growth.”
CNBC trumpets this view in its not-too-subtle homer headline How the White House Is Keeping a Lid on Oil Prices.
Yes, how indeed has this White House accomplished the marvelous feat of keeping oil prices low despite a worldwide once- in-100-year recession?
Well with due respect to CNBC’s all-knowing wisdom, the truth is that oil prices have not only not come down, but on a relative basis, they are still very high.
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WTI Crude Oil Spot Price data by YCharts
At the height of the Great Recession spot oil prices printed around $30 a barrel for West Texas Intermediate Crude. And although prices are off the April 2011 high of near $112 per barrel, prices remain stubbornly close to $100.
Yet as our contributor Mike Shedlock pointed out last week, demand for oil is going down, not up.