A cut of 2 million oil barrels per day resulted from Russian-led allies, a move that caused already high prices to rise further. This results from Russian pressure on fellow members of the 23-member group known as OPEC.
The PVF industry, unlike many manufacturing sectors, demands industry experience of its leaders. Much of the sector’s success is attributed to that experience. Also, rising inflation brings recession to the mind of the Federal Reserve and its chairman.
This month’s Beschloss Perspective weighs in on the Biden administration’s rejection of attempts to expand U.S. oil and gas production, the economic power of corporate dividends, the use of digital currency, and the Russia/China alliance.