US Tapping Strategic Oil Plays Into OPEC’s Hands, Blanch Warns

WATCH: Bofa’s Francisco Blanch says Biden’s use of the Strategic Petroleum Reserve to lower energy prices isn’t a “great idea.”Source: Bloomberg

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By Jonathan Ferro and Joe Carroll

October 6, 2022 at 2:22 PM UTC

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US President Joe Biden’s use of the Strategic Petroleum Reserve to blunt surging energy prices threatens to inflate OPEC’s sway over global oil markets, said Bank of America Corp.’s Francisco Blanch.