Post by
lovehockey on Jun 22, 2023 12:00pm
Biden buys oil $73 and immediately dumps it for $70
I see this wash trading technique to lower stock price all the time and now US administartion is doing it to lower oil prices. Losses at 3 dollars per barrel are nothing, gains of having lower oil prices are huge. This is a very effective technique and can keep the oil prices in $68 to $72 range for years. That will work for Biden's administration as he clearly takes credit for lowering the gas prices from 2022 highs. With that being said this is all illegal and the market will eventually figure it out and fight back.
Comment by
TheWokeLemming on Jun 22, 2023 12:12pm
Eventually the laws of supply and demand will matter more than the manipulation. Oil companies need to play the game and reduce production/investment until prices improve.