Hello and welcome to Elements, our daily energy and commodities newsletter. Bloomberg Opinion’s Javier Blas argues that the White House’s ability to respond to any OPEC+ production cuts is limited because of prior releases from the Strategic Petroleum Reserve. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.
The US has shrinking options to respond to Saudi-Russian oil output cuts via further releases from its Strategic Petroleum Reserve.
In any battle, fighting OPEC+ flow with a stock that’s by nature finite is a losing proposition. But that’s compounded by short-sighted policies over several administrations, both Democrats and Republican, that now are tying the hands of the White House.