I don't know why he is doing this, the American people are also paying for that high price of fuel, not only the countries abroad. In the event that President Biden is the main cause of this price spike, then he is shooting himself in the foot because he will lose the support of the people when he runs for another term. Can you explain more?
Well.. Biden has found a short term solution. He has ordered the release of oil from the Strategic Petroleum Reserve (SPR). This is a foolish move, because the reserve need to be replenished in the short term, if it is emptied now. Biden's aim is to keep crude at a level of around $100 per barrel until the mid-term elections happen in the first week of November. Once the elections are completed, the SPR will be refilled and this will push crude towards the $150 per barrel level. If price cap is implemented on Russian oil, then it can go up even further.