Oil Price Spike Leaves Limited Options for Biden

Brent briefly dropped below $70 a barrel, but the effects were short-lived.

Jessica Resnick-Ault, Reuters

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 multiyear highs. And Biden has few options to stop the rally.

Global benchmark Brent crude passed $84 a barrel on Jan. 12 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.

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