The Biden administration is quick to take credit when oil prices fall, but blames "greedy" oil companies when prices rise. It seems greed has taken a holiday; Brent crude prices have fallen to below $90 a barrel. There are many reasons why this might be that have nothing to do with greed, including falling demand in anticipation of a possible recession. But it is certainly welcome news to consumers as they travel this week. Hopefully prices will stay low as we enter a long, cold winter with a protracted war and dwindling reserves.
Source: FRED
Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.
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