Oil prices plunge as Biden considers huge reserves release
Gasoline prices have surged to record highs on Russia's invasion of Ukraine and subsequent supply concerns, driving spikes in inflation across the global economy.
In a research note Thursday, Goldman Sachs commodity analysts said the reported release from U.S. reserves would help the oil market toward rebalancing in 2022, but would not resolve its structural deficit. "This would remain, however, a release of oil inventories, not a persistent source of supply for coming years. Such a release would therefore not resolve the structural supply deficit, years in the making."
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