U.S. average gasoline prices climbed above $4 a gallon for the first time in a month as escalating tensions in the Middle East pushed up global fuel costs and renewed concerns about inflation.
phogan
From the WSJ I believe. IMO, we’ve had very few “emergencies” that required the release of stockpiles. All political bs.
“The U.S. Strategic Petroleum Reserve, the nation’s emergency stockpile of crude oil stored in underground salt caverns along the Gulf Coast, has fallen to its lowest level since 1983 following years of emergency drawdowns and limited replenishment. The reserve is intended to cushion the economy against major supply disruptions, including conflicts that threaten global energy markets. As tensions involving Iran and the Strait of Hormuz raise concerns over oil flows, policymakers are debating whether to release additional barrels to stabilize prices or prioritize rebuilding the reserve to strengthen long-term energy security.”
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