We have oil production deficit - Biden will drain all SPRNo longer fundamentals drive the prices. Most commodities are heavily manipulated but the reality is scary. Oil demand is strong and constantly growing specifically in Asia - the production has no ability to grow as much. Another factor is EV Cinderella story is coming to an end. EV sales are falling off the cliff because the world is quickly running out of earlyy adopters who were willing to buy glorified golf carts.
All the lies that the SPR releases would stop were just that - lies. SPR will be drained until it can't and that will likely be the very end of petrodollar. For Canada it will be very painful short term but beneficial in long term. Those who hold Energy stocks will benefit vastly as the price of energy will skyrocket after the SPR's are drained. But perhaps we still are a couple of years away.