Oil Markets Brace As U.S. Appears To Promote 100 Million Barrels

The U.S. has saved roughly 700 million barrels of crude oil in salt caverns in Texas and Louisiana for many years.

The article first appeared on Oil-Buying and selling.co at -> http://www.oil-trading.co/crude-oil-analysis/oil-markets-brace-as-us-looks-to-sell-100-million-barrels

The SPR was established within the aftermath of the Arab oil embargo in 1973, which painfully revealed U.S. oil dependence as excessive costs drove up inflation, created gas shortages and features at fuel stations, and rocked the American economic system. The SPR was setup to stash 90 days’ price of provide into storage for safekeeping, meant for use within the occasion of a provide outage.
Many years of wear and tear and tear imply that the infrastructure is now in determined want of an improve. The DOE says Congress must cough up $375.four million to make repairs, in any other case the SPR might no
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