Moderating Oil Prices: A Silver Bullet
Oil prices, specifically gasoline and heating oil prices have become the number one political headache for President Biden and the Democratic Party. Tapping into the U.S. Strategic Petroleum Reserve and asking a few other countries to open up their reserves will have a negligible effect on prices and even then it will take time for consumers to see lower prices.
But Biden has an option that would help moderate prices and give him the critical diplomatic opening that he needs to restore the nuclear deal (JCPOA) with Iran. Please let me elaborate.