Why Are Oil Prices Falling?

Check out the accompanying pdf and chart collection. Executive Summary: Wondering what brought the price of gasoline and other petroleum products back down toward earth in recent weeks? Our data show it’s not Biden’s release of crude oil reserves but the effects of previously soaring prices—which depressed demand and sparked production—combined with China’s economic slowdown. … Speaking of which: Just when we thought the much-anticipated recession would be a no-show like Godot, he was spotted in China and maybe New York too. Might the US be in for a “rolling recession” à la the 1980s?