Biden Likely to Tap Oil Reserve for Summer Demand, Macquarie Says [Yahoo! Finance]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: Yahoo! Finance
Most Read from Bloomberg Israel Versus Iran — What All-Out War Could Look Like Apple Faces Worst iPhone Slump Since Covid as Rivals Rise Iran's Attack on Israel Sparks Race to Avert a Full-Blown War Singapore PM Lee to Hand Reins to Wong After Two Decades Goldman Traders Deliver Surprise Profit Surge The release of oil from the Strategic Petroleum Reserve is in the cards as motor fuel demand is expected to hit a new post-pandemic high with millions of Americans preparing to hit the roads during the summer, when demand peaks, said Vikas Dwivedi, a global oil and gas strategist for Macquarie Group. “The government will have to release oil from the SPR with a lot of aggressiveness to tame prices,” Dwivedi said in a phone interview. “There are not many tools available and this is one of the most effective.” Gasoline prices soared 17% this year fueled by a rally in oil prices, which have gained 18% in the same period as supply disruptions tilted global balances into a defi
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