The US exported a large amount of crude oil last month that had been released through the country’s emergency reserves so that they can lower fuel prices in your own home, Reuters reported on Wednesday.
Five million barrels were delivered to Europe and Asia in 06, according to Reuters data and sources, to destinations within Italy, France, the Netherlands, Indian and China. Similar shipments were also reported in April and May.
On March 31, President Joe Biden authorized the discharge of 1 million barrels associated with crude per day for the next six months from the Strategic Petroleum Reserve, aiming to lower domestic gasoline prices. As of Apr 1, there were 568 million barrels stored in four areas across Southern Louisiana and Texas.
Final month, the SPR fell to its lowest level since 1986, according to ALL OF US Department of Energy data mentioned by Reuters. US gas prices, a key driver of the highest inflation seen in the country in 40 years, hit a record of $5 per gallon normally last month, driven upward by rising oil prices. President Biden warned Us citizens that they will have to stomach higher fuel prices for “ as long as it takes, ” blaming The ussr for the hikes.
Global energy prices have got surged due to rising requirement in the aftermath of the coronavirus pandemic as countries try to jumpstart their economies. Traditional western sanctions against Russia, a major oil and natural gas exporter, have also contributed to rising energy prices.
Even as we celebrate our independence this year we must remember that the 1973 film Soylent Green took place in 2022.