US EditionAmerica’s emergency oil reserve is at a 40-year low — and that could inflate oil prices, Goldman Sachs says
- America's emergency oil stockpile, the Strategic Petroleum Reserve , has reached its lowest level in 40 years, diminishing Washington's ability to protect consumers from the effects of Saudi Arabia's supply cuts.
- Goldman Sachs predicts that oil prices will remain high, averaging $100 a barrel next year, exacerbating the already high prices at the pump, worsening inflation, and potentially impacting the 2024 White House race.
- According to Bank of America, world oil stockpiles are expected to decrease by 70 million barrels over the next three months due to supply cuts, leading them to increase their Brent oil price forecast to $91 a barrel in the second half of this year. Some in the oil industry even warn that prices could spike higher.
6 Articles
6 Articles
America’s emergency oil reserve is at a 40-year low — and that could inflate oil prices, Goldman Sachs says
By Matt Egan, CNN Business New York (CNN Business) — America’s emergency oil stockpile has plunged to 40-year lows. The shrinking Strategic Petroleum Reserve is limiting Washington’s ability to shield consumers from the fallout of Saudi Arabia’s aggressive supply cuts, according to Goldman Sachs. “At this point, US energy policy has fewer bullets left. It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman…
America’s emergency oil reserve is at a 40-year low — and that could inflate oil prices, Goldman Sachs says
By Matt Egan, CNN Business New York (CNN Business) — America’s emergency oil stockpile has plunged to 40-year lows. The shrinking Strategic Petroleum Reserve is limiting Washington’s ability to shield consumers from the fallout of Saudi Arabia’s aggressive supply cuts, according to Goldman Sachs. “At this point, US energy policy has fewer bullets left. It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman…
America's emergency oil reserve is at a 40-year low — and that could inflate oil prices, Goldman Sachs says
America’s emergency oil stockpile has plunged to 40-year lows. The shrinking Strategic Petroleum Reserve is limiting Washington’s ability to shield consumers from the fallout of Saudi Arabia’s aggressive supply cuts, according to Goldman Sachs.
U.S. strategic oil reserve at lowest level in decades, even as tensions with China mount
The Biden administration sharply reduced stocks of oil in the national Strategic Petroleum Reserve to the lowest levels in decades at the same time China is bolstering its reserves of oil and ratcheting up tensions over a potential conflict with Taiwan.
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