Biden Releases Sour Crude That’s Out of Favor With U.S. Refiners
(Bloomberg) — President Joe Biden’s move to unleash supplies from U.S. petroleum reserves will flood the market with sour crude that refiners are currently shunning.
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Sour crudes are heavy in sulfur content, requiring additional refining that typically needs natural gas, which has doubled in price this year. If the crude is not used, it could end up being stored in oil tanks or exported away and may not have the intended effect of reducing gasoline prices. Already, a…