The United States announced an important decision that could have a significant impact on the commodity market, and indirectly also on product prices or indicators such as inflation.
More economic information on the Gazeta.pl home page.
The United States is releasing its oil reserve
“The Department of Energy decided to release 50 million barrels of oil from the Strategic Oil Reserve to lower prices for US residents and respond to the gap between supply and demand,” White House officials said in a press statement. “US consumers are feeling the impact of increased prices at gas stations and home heating bills as supplies are lagging behind demand as the global economy recovers from the pandemic,” the statement said.
They also emphasize that the United States has asked for the release of reserves from countries where the consumption of oil is important to demand. These are China, India, Japan, South Korea and the United Kingdom.
Expert: This may lead to reductions
The reasons for the US decision are clear. – The purpose of unscrewing the taps of the reservoirs of raw materials is to induce a reduction in oil prices on global markets – explains Przemysław Tabor, PhD student at the Department of Financial Markets at the University of Economics in Krakow and a graduate of the AGH University of Science and Technology.
Dorota Sierakowska, raw material market analyst at Dom Maklerski BOŚ is of a similar opinion. – Countries such as the United States and China, lower oil prices are on hand. Admittedly, both of these countries are important producers of crude oil, but at the same time, they are also its largest consumers. Therefore, high prices of the raw material are hitting local businesses and households – states in the Comparic portal.
Lowering oil prices in the world markets could help bring down inflation. Within oil, oil prices rose by several dozen percent. Inflation, which reached 6.8 percent in October. year on year, it was driven primarily by fuel prices. As indicated by GUS data, they increased by 33.9%. Every year. The prices at the stations exceeded the PLN 6 barrier for Pb95 unleaded petrol.