Biden’s Recovery Plan Has an Unforeseen Consequence: More Demand For Oil ...Middle East

When President Biden yesterday unveiled his $2-trillion economic recovery plan, few in his immediate circle likely thought about oil. Yet, the plan will have a positive effect on oil demand because $621 billion of the total would be used for transportation infrastructure, including lots of roads. And roads are built with asphalt. Of this $621 billion, $115 billion would be allocated for road and bridge construction, Bloomberg noted in a report, and another $16 billion has been earmarked for laid-off oilfield workers who would be tasked with plugging…

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