Liam Denning, Columnist

Biden Needs to Put Up or Shut Up on US Oil Reserve

Just talking about an option isn’t enough to convince producers to drill more.

December 2, 2022 at 7:15 AM EST

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

A crude oil pipeline at the US Department of Energy's Bryan Mound Strategic Petroleum Reserve in Texas. — A crude oil pipeline at the US Department of Energy's Bryan Mound Strategic Petroleum Reserve in Texas.
Photographer: Luke Sharrett

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Welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Opinion’s Liam Denning says the White House needs to convince producers its suggested oil put is the real deal before they’ll drill more. Our latest Stephanomics podcast dives into the energy challenges facing Europe this winter as it works to replace natural gas cut off by Russia. If you don’t want to rack up big electric bills from your clothes dryer, read this. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.

The reason the Greenspan put worked was that the market believed in it. The same can’t be said for President Joe Biden’s putative oil put.

Before it’s here, it’s on the Bloomberg Terminal

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