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My Oil Price Forecast Shows Why Crude Supplies and Imports Are Rising
U.S. crude inventories are sitting at record highs of around 2.05 billion barrels right now.
That's not a surprise. After all, there's a lingering global crude glut.
But what's surprising - at first glance - are U.S. crude imports. They're up by close to 1 million barrels per day. The country took in 8.64 million barrels per day in the week ending March 25, compared to just 7.69 million over the same period a year ago.
Therein lies what appears to be a paradox: Why on Earth would we import more oil when we may be forced to fill swimming pools with it soon?
The answer is very simple, and it becomes clear when you see my oil price targets...
U.S. crude inventories are sitting at record highs of around 2.05 billion barrels right now.
That's not a surprise. After all, there's a lingering global crude glut.
But what's surprising - at first glance - are U.S. crude imports. They're up by close to 1 million barrels per day. The country took in 8.64 million barrels per day in the week ending March 25, compared to just 7.69 million over the same period a year ago.
Therein lies what appears to be a paradox: Why on Earth would we import more oil when we may be forced to fill swimming pools with it soon?
The answer is very simple, and it becomes clear when you see my oil price targets...