🇺🇸🛢 US 'Unusually Vulnerable' to Middle East Oil Shock, Says Shale Tycoon
Harold Hamm, a leading figure in the US shale industry, has criticized the Biden administration, claiming it has made the US “unusually vulnerable” to potential oil price shocks from the Middle East, according to the Financial Times.
“They have emptied the US strategic oil reserve, and inventories at refineries in America are at their lowest level in years. And you never know when you will need it. It's like having gasoline in your car,” Hamm told the publication.
Although strategic reserves have been significantly depleted, commercial reserves of oil and petroleum products have increased by 25% over the last decade, the report highlights.
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