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U.S. Crude Oil Inventories Plunge and Prices Jump as Climate Left Calls for End of Fossil Fuel Financing

John Carney 30 Mar 2022

U.S. crude-oil stockpiles plunged last week as a pick-up in refining was not matched by a pickup in extraction, which remains paralyzed due to pressure on banks and investors to cut off access to credit and capital for fossil fuel companies.

Crude-oil inventories fell by 3.4 million barrels to 410 million barrels, according to data released Wednesday by the Energy Information Administration. That was a bigger drop than the 2.5 million decline forecast by analysts surveyed by Econoday.

West Texas Intermediate crude futures were up a sharp 3.47 percent following the news to $107.91. Brent crude, the global benchmark, was up 3.36 percent to $113.93.

The American left has campaigned for years to reduce the supply of oil, gas, and coal, especially by reducing domestic production through tightening financial conditions, raising the price of leases or curtailing leasing on federal lands, tax increases on fossil fuel companies, and thwarting the Keystone Pipeline. These are referred to as “restrictive supply side” policies.

On Wednesday, a coalition of climate change alarmist groups issued a report castigating ongoing financial support for fossil fuel companies. “Any bank supporting any company that is expanding fossil fuels is driving climate chaos,” the report claimed.

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https://www.breitbart.com/economy/2022/03/30/u-s-crude-oil-inventories-plunge-and-prices-jump/
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