Friday, February 28, 2025
How OPEC outplayed Biden- oil and gas 360

How OPEC outplayed Biden

Oil Price In December 1975, when memories of gas lines were fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the impact of severe energy supply interruptions” such as that caused by the embargo. This crude oil is stored in underground salt

Oil prices slip ahead of Fed, U.S. crude stockpiles seen falling- oil and gas 360

Oil prices slip ahead of Fed, U.S. crude stockpiles seen falling

BOE Report LONDON – Oil prices slipped on Thursday ahead of an expected rate hike by the Federal Reserve, but found a floor as market participants eyed falling U.S. crude stockpiles and upcoming European sanctions on Russian barrels.   Brent crude dipped 56 cents, or 0.6%, to $94.09 a barrel by 1027 GMT, while U.S. West Texas Intermediate (WTI) crude