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Falling oil prices: is the US 'nuclear option' behind it?

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Falling US SPR in 2022

The price of oil has been falling for three consecutive weeks and analysts are struggling to find the real cause that is behind it. Although the skyrocketing inflation has been often seen as the main 'culprit', the wild fluctuation in prices cannot be easily accounted for.

A feeble correlation, however, emerges from the seemingly inexplicable fall; the release of crude oil from its SPR, Strategic Petroleum Reserve, by the US.

Although the critics of the Biden administration do not see it being strategic, the nuclear option seems to be behind the fall. Had it not been for the very high price of LNG, the fall would have been more dramatic.


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