By: Economic & Finance Report
Oil reserves were shipped overseas last month (June 2022); as constant oil and gas prices remain relatively high. In excess of 5 million barrels were shipped to Europe and Asia, in efforts to lower increasing gas prices. Crude oil exports are causing bruises to the Biden’s administration’s efforts in getting a grip on the oil and gas prices that is readily increasing daily in the USA.
From reports 1 million barrels a day are being released from the SPR (Strategic Petroleum Reserve). Experts and officials have indicated that oil prices would have exceeded higher if the SPR was not released, as it has been. The US crude inventories are at its lowest levels since 2004. -SB
Image Source: The New York Times