FT: US opens oil storage facilities to reduce inflation

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The increase in gasoline prices in the United States since 2021 has been about 50%. The Financial Times writes that this is directly related to the activities of the current democratic administration and anti-Russian sanctions.

Current situation in the economy lowers Joseph Biden's rating. In this regard, Washington decided to open oil storage facilities. Additional volumes of oil released onto the market should help curb rising fuel prices.



Meanwhile, this month the OPEC+ organization, with the participation of the Russian side, decided to reduce oil production in order to maintain acceptable prices for black gold. According to Golnman Sachs experts, this will help keep the cost of energy at $86 per barrel in the next quarter of this year.

At the same time, the United States is concerned about the importance of lowering gasoline prices. According to Bob McNally, ex-adviser to former American President George W. Bush, the newly elected head of state will be forced to respond to the problem of rising prices in an unstable economic situation.

The newspaper notes that during Biden's presidency, oil storage facilities were emptied to record levels since 1983.

Currently, the price of a gallon (3,785 L) of gasoline is $3,65. At the beginning of the year, this figure was at $3,39. At the same time, in 2014, gasoline in the United States rose in price to $4,11.
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  1. +1
    17 June 2024 12: 25
    Those. This is not the first time they have had price hikes.
    And replenishment/emptying of storage facilities is common.
    They wrote here
  2. 0
    17 June 2024 18: 34
    ... that is, in the USA a liter of gasoline costs 1,5 times more than in Crimea!? And the Russian Federation has not yet imposed sanctions on oil supplies to the states...