inflationary environment that was already breaking 30-year-old records. Central banks were concerned that higher energy prices would contribute to a "wage-price spiral." The European Union (EU) embargo of Russian seaborne oil, in response to the Russian invasion of Ukraine in February, 2022, was one—but not the only—factor in the increase in the global price of oil, according to The Economist. When the EU added new restrictions to Russia's oil on May 30, there was a dramatic increase in the price of Brent crude to over $120 a barrel. Other factors affecting the surge in the price of oil included the tight oil market combined with a "robust demand" for energy as travel increased following the easing of coronavirus restrictions. At the same time, the United States was experiencing decreased refinery capacity which led to higher prices for petrol and diesel. In a effort to lower energy prices and to curb inflation, President Biden announced on March 31, 2022, that he would be releasing a million bbl/d from the Strategic Petroleum Reserve (SPR). Bloomberg described how the price of oil, gas and other commodities had risen driven by a global "resurgence in demand" as COVID-19 restrictions were eased, combined with supply chains problems, and "geopolitical tensions". Oil-storage trade (contango) The oil-storage trade, also referred to as contango, a market strategy in which large, often vertically integrated oil companies purchase oil for immediate delivery and storage—when the price of oil is low— and hold it in storage until the price of oil increases. Investors bet on the future of oil prices through a financial instrument, oil futures in which they agree on a contract basis, to buy or sell oil at a set date in the future. Crude oil is stored in salt mines, tanks and oil tankers. Investors can choose to take profits or losses prior to the oil-delivery date arrives. Or they can leave the contract in place and physical oil is "delivered on the set date" to an "officially designated delivery point", in the United States, that is usually Cushing, Oklahoma. When delivery dates approach, they close out existing contracts and sell new ones for future delivery of the same oil. The oil never moves out of storage. If the forward market is in "contango"—the forward price is higher than the current spot price—the strategy is very successful. Scandinavian Tank Storage AB and its founder Lars Jacobsson introduced the