Donald Trump’s decision not to refill the Strategic Petroleum Reserve drained by his predecessor Joe Biden has left consumers exposed to an oil price shock following US and Israeli attacks on Iran, analysts have warned.
The reserve, created in 1974 following the Arab oil embargo, was left well below its capacity after Biden opened the taps to contain crude prices following Russia’s full-scale invasion of Ukraine.
Trump has since failed to fulfil the vow he made in his inauguration speech last year to “refill our reserves right up to the top again”.
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