Stock Futures Drop as Oil Soars with Brent Crude Up to $130 a Barrel
The markets are down as the price of crude oil reaches a 13-year high.
Thank you Joe Biden. The media may tell you that the high price of oil is due to the Ukraine – Russia conflict but they forget that America was energy independent only a year ago under President Trump.
Under President Trump the US was an oil producer for the first time in nearly a century. President Trump recently reminded us of where America would be without the stolen election.
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Trump also asked in May, what is more relevant today, who is running the US energy department under Biden.
Today the price of a barrel of brent crude oil has reached $130 – the highest price in 13 years since Obama was in office.
West Texas Intermediate crude futures, the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since mid-2008. At one point the price topped $130 a barrel.
The international benchmark, Brent crude, traded 9% higher to $128.60, also the highest price seen since 2008.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.”
