The United States has accumulated record volumes of crude oil in reserves, now hovering like the sword of Damocles over the global energy markets and the world’s several petrocracies.
By Sputnik News
Global oil prices dipped this past week, ending a month-long rebound, which some observers had seen as a good sign for both the corrupt petrocracies around the world and the Eurozone and Japan.
The recent dynamics in oil prices have affected each major economy in a different way, and it turned out that the United States, now also the world’s largest crude producer, is the only beneficiary of cheaper oil, while more expensive energy would help the Eurozone and Japan spur growth. Oil producing countries would be saved if oil appreciated, as many of them are entering muddy waters of local economic crises.
However, the US is now facing another oil-related challenge: they are extracting so much oil they might soon run out of proper storage capacity – even after several…
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