Trump vs Iran: The Great Oil Rollercoaster is Back
Everything is fine, provided your definition of fine is a sudden spike in fuel prices because of rockets in the desert.
Things in the Middle East got spicy again after US forces decided to light up some rocket launchers on Larak Island. Naturally, Iran didn't just take it and fired back at bases in Jordan. The result? Oil prices jumped over 3% faster than you can say 'gas station anxiety.'
The real kicker is that the US Strategic Petroleum Reserve is currently sitting at its lowest level since 1982. Trump says he’s got a plan: he's counting on a deal with Venezuela to restock the supply. The only catch is that the oil he's counting on hasn't even been drilled yet, which might take a few years to actually hit the market.
A strategic reserve consisting entirely of hypothetical oil is certainly one way to handle an energy crisis.
Source: UPI
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