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The crude oil sector of the U.S. economy was in a downward spiral before Joe Biden was elected President in November, but he quickly let it be known that the oil had a target on its back. His first days in office he issued executive orders attacking the oil industry. Now some believe his orders actually could help firm crude oil prices in the U.S. in the future. Last year a global pandemic and an oversupply of oil sent prices down and bankruptcies up. But wait, market conditions began to change. Vaccines for COVID-19 were developed. Economic activity slowly returned as did petroleum usage. U.S. crude oil inventories declined from historic highs of 540 million barrels on June 19 to 469 million barrels this week. Prices followed increasing from $40 per barrel in November to $58 on the New York Mercantile Exchange on Wednesday. Bloomberg reported “U.S. oil and gas stocks, by far the worst performers last year, are standing out as the best in 2021 – a turnaround that might seem a bit surprising given the new balance of power in Washington.” Many investors shunned oil stocks in favor of renewable energy investments. Morningstar said 1.9 billion euros […]
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