RE:Taxes coming, again a short term view...If you saw Biden giving his speech last night you also saw his ridiculous energy policy (stance) get shot down big time , no company will spend billions when government won't guarentee the ability to recoup that investment . Most of his aspirational BS will never make it through the House .
trudope has alienated half his party , the ndp and most of the country . Ottawa is drowning in debt and need every dollar they can get , playing chicken with energy producers is not a good idea in this climate . Even if something was proposed , it wouldn't enter the system until 2024 at the earliest .
The game right now is an attempt to lower oil prices in hopes that that will control inflation and stop the fed from further rate hikes . Holding prices down artificially only deters any thought of increasing production on any massive scale . The mistake here is that energy isn't the problem since it is cheaper than it was one year ago , food and supply chain issues are more responsible and are slowly improving . Start cracking down on Sobey's , Safeway and Empire (Galin Weston) .
The US has ramped up imports of oil and refined product by 1.5M additional barrels over the last 2 weeks because they know what is coming this summer . While it has obscured crude oil inventories to demand , both gasoline and diesel inventories remain well below historical levels and as we close in on driving season , the inability to satisfy demand for fuel will test markets . The more the market holds down crude prices , the more demand will stay firm enough to squeeze inventory builds until we hit Memorial Day .
Politic's or economic's , which voice does the market follow ? We'll see ..........