#FuelPrices

On June 9th, Saudi Arabia decided against renewing a deal with the United States to continue trading oil in U.S. dollars. As this represents a major shift in international trade, many independent and foreign outlets claimed the nation dumping the “petrodollar” would fundamentally change the global market. However, we’re now seeing U.S. media running stories claiming that was all phony baloney reporting. Let’s take a quick look at what happened in the hopes we might wrangle some truth from the situation.

On Tuesday, the Biden administration announced plans to release one million barrels of gasoline from Northeastern reserves in an effort to stabilize rising fuel costs. The stated intent is to lower fuel costs for Americans as demand spikes over the next several months.