(TheConservativeTimes.org) – Phil Flynn, a market analyst and oil trader, appeared on Fox News’ “Special Report with Bret Baier” on Tuesday, August 5 to discuss how America’s adversaries are using the Biden administration’s economic policy to their advantage.
When being asked about his opinion on how relations between Russia and Saudi Arabia will affect oil markets in the future, Flynn said that if tensions between the U.S. and these countries continue to decline, oil prices could climb higher as the Biden administration continues to make the U.S. reliant on foreign oil. Oil-rich nations like Saudi Arabia could raise oil prices as a way to punish the U.S. economically and leverage Washington into conceding to their foreign policy interests.
Flynn said that Saudi Arabia and Russia are attempting to send the message that “they’re in control,” and that they are willing to reduce oil supply if the U.S. does anything they do not like.
Flynn also said that the U.S. is at a “critical time,” as its oil supply has been dwindling for quite some time as the Biden administration continues to discourage oil drilling at home while relying on oil imports from abroad. According to Flynn, the U.S. oil supply has fallen to just over 30 million barrels since July. This has translated to high gas prices, which has hurt Americans at the pump.
Oil prices have also soared since Russia invaded Ukraine. As a result, Russia was also hit with economic sanctions from Western countries, which also squandered Russia’s oil and natural gas production. This has led to U.S. crude and fuel stocks to dwindle, as supplies tighten and buyers continue to pull supplies out of stock. The U.S. has also been drawing from its strategic oil reserves amid the crisis.
Crude inventories fell by 2.6 million barrels in February 2022 despite analysts projecting a 2.7 million barrel increase, according to the Energy Information Administration.
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