TO THE EDITOR:

Crude oil and petroleum product prices are the results of thousands of transactions taking place simultaneously around the world at all levels of the supply chain, from the crude oil producer to the individual consumer. Oil markets are essentially a global auction—the highest bidder will win the available supply. That is, the price of oil correlates to its global demand. Covid began ravaging the world in 2019, cutting factory outputs, slowing shipping channels, and greatly reducing personal travel. The price of oil on the global market fell. Mr. Armstrong of Becker implies that President Biden is using his office to solely gain political favor by releasing (for sale) some of the county’s petroleum reserves. Mr. Armstrong correctly claims the price of oil was lower in the last year of Trump’s presidency, implying the global price of oil is controlled in a major way by the US president. The US is a minority player in global oil supplies. It can only modestly affect oil prices. President Biden is doing what any president would do to aid the US economy, politics be damned.

Rick Shindley

Big Lake Twp.