Biden’s move to lower oil prices
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 April 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
The White House announced a “historic release” of about 180mn barrels of oil from the US emergency stockpile in an attempt to cool oil prices, and the two-year Treasury yield this week rose above the 10-year Treasuries for the first time since 2019. FT markets editor, Katie Martin, explains what this signals for the US economy.
Mentioned in this podcast:
US orders biggest ever release from Strategic Petroleum Reserve
US yield curve inverts in possible recession signal
US bonds: don’t fret about inversion yet
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The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk. |
| 0:09.7 | Good morning from the Financial Times. |
| 0:11.5 | Today is Friday, April 1, and this is your FT News Briefing. |
| 0:18.4 | Joe Biden said he'll open up the government's oil reserves yesterday to try and temper oil prices, |
| 0:23.9 | and there was an ominous signal in the US government bond market this week. |
| 0:28.0 | The FT's Katie Martin isn't panicking yet. |
| 0:30.8 | I'm afraid if you're looking for the market to give you really reliable, |
| 0:34.5 | nailed down signals of what's going to happen next, you're going to have a bad year. |
| 0:39.2 | We'll talk about why the inverted oil curve may not be so scary after all. |
| 0:44.0 | Plus a sneak peek of my chat with the head of the FT Editor Rula Halif |
| 0:48.1 | about covering the war in Ukraine. |
| 0:50.6 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:54.1 | US President Joe Biden, yesterday, announced a massive release of oil from the country's strategic |
| 1:01.4 | petroleum reserves. It was an effort to try to lower oil prices. |
| 1:05.6 | 180 million barrels of oil will be injected into the market over the next six months, |
| 1:10.0 | which works out to a million barrels a day. |
| 1:12.8 | It's the biggest ever release of oil from the reserves. |
| 1:16.2 | Here's our US Energy Editor, Derek Brower, about the president's move. |
| 1:20.4 | Biden remains really worried about gasoline prices, petrol prices in the US. |
| 1:25.0 | He thinks that the sanctions that he's imposed on Russian oil coming into the US |
| 1:29.9 | and the possibility of shortages from Russian oil supply, |
... |
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