US Oil and Gas Industry Association President Tim Stewart told the TV station: Fox NewsIt was stated that the United States’ strategic oil reserves dropped to their lowest level for the first time in 30 years.
According to the agency RIA News According to fuel market expert Anastasia Bunina, American President Joe Biden’s team spent 40 percent of its emergency reserves during the year to stop the increase in fuel prices. This has led to harsh criticism from Republicans, who question, among other things, what the country should do in the event of a natural disaster or war.
Bunina also noted that the rapid depletion of reserves will lead to an even greater increase in oil prices in the future, creating risks of physical supply disruptions and threatening a new wave of inflation.
Igor Yushkov, a leading expert of the National Energy Security Fund, pointed out that world raw material prices are inflated due to the sanctions policy and the rejection of Russian oil.
“Last spring, the United States and Europe stopped purchasing and Moscow had to temporarily reduce production. Recalling that prices instantly jumped to $120 per barrel, Yushkov added that gasoline prices in the USA instantly broke a historical record.
It was previously reported that US commercial oil reserves (excluding strategic reserves) were disclosed for the week ending December 1. decreased increased by 4.6 million barrels. Analysts on the DailyFX portal expected reserves to decrease by only 1.4 million barrels. Oil reserves at Cushing, the country’s largest terminal, increased from 27.7 million to 29.6 million barrels.
5 December Saxo Bank launched 10 shocking predictions for the upcoming 2024. One scenario in particular assumes that the embargo on oil supplies from Russia and increased demand will cause a sharp rise in oil prices to $150 per barrel by the middle of next year.
Previously in the USA said About the “hole” in oil sanctions against Russia.
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.