Fake Tweet About the Strategic Petroleum Reserve Drives Oil Markets

Parody Twitter strikes again!

The platform formerly known as Twitter was abuzz on Tuesday after word that President Joe Biden said that “depleting” the Strategic Petroleum Reserve was “on the table.” 

The headline, attributed to WSJ or the Wall Street Journal made its rounds on the platform, getting shared by the likes of Benzinga. It even made it as far as the Bloomberg terminals, as spotted by Rory Johnston who followed the headline.

Johnston also called out Jim Bianco who quickly hopped on the wagon.

Alas, as Johnston found out, the headline was fake and most likely originated from a parody account of former Enron chairman Kenny Lay, which was then shared by the Oil Headline News account, which many consider reliable.

Oil Headline News has since posted something that looks like an apology.

It also doesn’t help that Biden’s SPR decisions following threats from OPEC+ and Russia’s invasion of Ukraine have been fodder for criticism. The reserve is at its lowest levels since 1984.

Read: Republicans Aren’t Happy About the Current State of Oil Reserves

Information for this story was found via Rory Johnston on X, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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