The USA Government Backs Lower Crude Oil Prices Foreseeing Ripple Effects of Energy Crisis
The USA government is in talks with the oil and gas industry to lower down the persistently increasing fuel costs responsible for sending shockwaves across the country. According to the ChemAnalyst database, the crude oil prices in USA reached USD 80.87 per barrel, a 7-year high value at the closing of the second week of October, registering a hike of 12% from the price values in the second week of September. The inflation in crude oil and natural gas prices in the country is being viewed as the repercussion of acute shortage of energy and alarmingly high prices of the energy fuels in major economies like Europe, China, and India. In the wake of the ripple effect from the ongoing energy crunch across the world and with an expected surge in winter fuel demands, the country fears the domestic fuel costs to break records if not tamed on time. The oil production in the USA has not been able to rebound since the COVID19 pandemic hit the country in 2020 and back in 2021. A further blo...