The US has the world's largest backup oil supply. Here's why:
From CNN's Rob McLean and Laura He
The attacks on key oil facilities in Saudi Arabia have disrupted about half of the kingdom's oil capacity, or 5% of the daily global oil supply. That means 5.7 million barrels a day of crude oil and gas production have been affected, according to Saudi Energy Minister Prince Abdulaziz bin Salman.A haze of smoke is seen from the attacked oil plant in Saudi Arabia.
US oil futures were trading at more than $61 a barrel during Asia hours -- a spike of nearly 10%. Earlier, the price jumped as much as 15%. Futures of Brent crude, the global benchmark, traded at nearly $68 per barrel, an 11% increase."This is a big deal," said Tom Kloza, chief oil analyst for the Oil Price Information Service."It is the biggest shock to the oil markets since [Hurricane] Katrina. And like Katrina it will likely haunt us for months, at least weeks.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
America has a huge stash of emergency oil. This is whyIn 1975, President Gerald Ford signed a law creating the United States' first emergency stash of crude oil. Today the US is one of the world's largest producers and a major seller, not just a buyer, of oil but still has its stash.
Read more »
U.S. stands ready to tap emergency oil reserve after Saudi attacks: DOEThe Trump administration is prepared to tap U.S. emergency oil reserves if neces...
Read more »
Yemen's Houthi rebels launch drones on 2 big Saudi oil sitesYemen's Houthi rebels launched drone attacks on the world's largest oil processing facility in Saudi Arabia and a major oil field, sparking huge fires at a vulnerable chokepoint for global energy supplies.
Read more »
Saudi Arabia: Drone attacks knocked out half its oil supplyDUBAI, United Arab Emirates (AP) — Yemen's Houthi rebels launched drone attacks on the world's largest oil processing facility in Saudi Arabia and a major oil field Saturday, sparking huge fires...
Read more »
Factbox: U.S. readies emergency oil reserves in wake of Saudi attacksThe Trump administration said on Saturday it stood ready to tap U.S. emergency o...
Read more »
What topics were left out of the debate?Last night’s debate covered a lot of ground, but some key issues were left out. Stephanie Ruhle is joined by NBC’s Shannon Pettypiece to discuss why Democrats are avoiding major topics such as America’s judges and women’s rights.
Read more »