Just in time for president-elect Donald Trump to return to office, oil prices have very quietly hit a 3-month high. One of the main reasons why? Joe Biden (or at least the people running his administration) decided now all of the sudden to impose sanctions on Russian oil.
"It's a shot by the Biden administration at the Trump administration" said industry expert and FOX News contributor, Phil Flynn, "The question is, why now."
And the even bigger question now is, where are prices headed?
"I think oil has a shot to get above $80 a barrel" Flynn told KTRH, who sites the upcoming increase for winter demand, and even the wildfires in California.
"Well, it means less oil on the market" noted Flynn, "But to all of the sudden enforce sanctions when the president's out the door seems to me to be a little bit vindictive, wanting to create more problems for president Trump."
According to reports, Russian oil exports will be hurt severely by the new sanctions, which will force their top buyers China and India to buy more oil from the Middle East and Africa, which will boost prices.
Photo: Arseniy45 / iStock / Getty Images