#opec

#opec

The U.S. Strategic Petroleum Reserve (SPR) was created in 1975 by the Energy Policy and Conservation Act, signed into law by President Gerald Ford. It was established in response to the 1973-1974 oil embargo, which highlighted the U.S. economy's vulnerability to oil supply disruptions. Those who were around at the time, like your author, witnessed long lines at the gas stations as the price of a gallon of gas jumped as much as 43%. In fact, the national average cost

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Saudi Arabia, Russia and six other key members of the OPEC+ alliance announced on Saturday their decision to increase oil output in August by 548,000 barrels per day.

Expect oil to open with a sharp 7-10% gap up as risk premiums surge. But don't be fooled, this may not last...