Canary LLC Managing Director Dan Eberhart has reportedly criticized the President Joe Bidens administration for their failure fill up Strategic Petroleum Reserve or SPR, at a time when oil prices were low.

What happened: “The train left the station with the cut of the Saudis and OPEC [production]and the Biden administration also missed sort of a golden window to replenish the SPR in the ’60s and ’70s,” Eberhart said. after to FoxBusiness.

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Oil prices rose last week after that The Organization of the Petroleum Exporting Countries and his allies, known as OPEC+reduced production by 1.16 million barrels per day, surprising in early May.

Oil analysts and economists have been warning for weeks that gas prices are also coming under pressure following the OPEC+ move, the report says.

“I cannot stress enough how bad it is for our national security and really bad for consumers to miss the window to replace the Strategic Petroleum Reserve. The administration left us completely unprepared,” said Eberhart.

Oil prices: The Canary CEO also believes oil prices will rise significantly by the end of the year. During the Asian trading session on Wednesday afternoon West Texas Intermediate or WTI, Futures expiring in May were up 0.25% to $81.73 a barrel. The contract was trading near $67/barrel in mid-March.

The US Oil ETF USO closed up 1.88% on Tuesday as the Energy Select Sector SPDR Fund XL ended up 0.95% higher.

“They had an excellent opportunity when the price was a little low and they didn’t do anything,” Eberhart said. “Seems to me we definitely have a Goldilocks scenario for oil exiting at $100 a barrel or higher in 2023. I think that’s inevitable at this point,” he added.

Continue reading: The Fed is likely to pause in May, says former Pimco economist Paul McCulley — but won’t make a “chart-beating statement.”