Oil prices have staged an extraordinary rally in the last three months, rising by 50%. Biden’s presidency, the vaccine rollout, a weak dollar, low interest rates, no inflation, and hopes of more stimulus in the future have all played a part in sending oil prices higher. Now, the recent Polar Vortex in Texas has taken prices to a new 13 month high, with WTI rising 3 percent on Monday the 22nd February. The storm in Texas, which killed at least 25 people, pushed an estimated 4 mbpd of U.S. oil production offline, output that will take an estimated…
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