US emergency oil reserve at 40-year low
The US's emergency oil stockpile has plunged to a 40-year low as the shrinking Strategic Petroleum Reserve is limiting Washington's ability to shield consumers from the fallout of Saudi Arabia's aggressive supply cuts, according to Goldman Sachs.
Industry veterans say that strategy helped mitigate the hit to consumers as gasoline prices plunged after hitting $5.02 a gallon in June 2022, CNN reported. Pic: Reuters