Crude oil pipes at the US Strategic Petroleum Reserve in Bryan Mound, Texas. Richard Carson / Reuters
Bloomberg: Oil From U.S. Strategic Reserve Heads for Europe Amid Global Supply Crunch
(Bloomberg) -- A cargo of crude from the U.S. Strategic Petroleum Reserve departed a Texas port bound for Europe, a signal of increasing oil-market disarray as refiners shun Russian supplies and prices surge.
The rare export of strategic U.S. barrels is evidence of the ever-widening search for crude to replace Russian cargoes seven weeks after President Vladimir Putin’s invasion of Ukraine triggered international revulsion and sanctions. With the global oil benchmark trading above $110 a barrel, traders and refiners also are trying to cope with a cutoff of Libya’s biggest source of crude and little expansion in U.S. output.
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WNU Editor: My guess is that the White House is hoping that by the time America's strategic oil reserve runs out later this year, the situation in Ukraine would have changed, and there would be major changes within the leadership of Russia starting with the removal of President Putin.
Sighhh ....
Talk about wishful thinking.
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