Crude Oil Price Plunges as the United States releases Oil from its Reserves
Oil price around the globe has been continuously falling since the United States of America announced that it will be releasing around 180 million barrels of crude oil. The White House administration informed that it will be releasing one million barrels a day for the next six months from its Strategic Petroleum Reserves. Other than this, the government also informed that it will also impose penalties on US energy firms that sit on idle oil wells to make extraordinary profits from a supply crunch. Oil prices have been significantly increasing since the Russian invasion of Ukraine. The current crude oil price is around $99.90 per barrel. It has been reported that crude oil prices will continue to fluctuate as long as the Russian-Ukraine conflict doesn’t get resolved, considering the fact that Russia is one of the largest crude oil exporters. The effects of the supply crunch of crude oil can be witnessed in India as well, which is dependent on the import of crude oil for 80% of its requirements. The fuel price has been on the rise since last week.