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Biden’s efforts to lower oil prices received an unexpected boost in November when the discovery of omicron roiled markets and sent crude plummeting on fears that the new Covid-19 variant would limit travel, crimping demand. With gasoline prices typically lagging oil, consumers got a much needed break from rising fuel costs heading into the holidays. However, oil has largely recovered as omicron appears to be more mild, keeping gasoline consumption high. West Texas Intermediate advanced 55% last year for the biggest annual gain in over a decade, with a 14% increase in December alone. 

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