A spurt in U.S. crude production over the past decade has pushed exports to new heights.
Florida Republican Rep. Byron Donalds and Committee to Unleash Prosperity's Steve Moore break down President Biden's economic policies on"Kudlow."
An oil tanker waits in line outside the Port of Long Beach-Port of Los Angeles complex on April 7, 2021. West Texas Intermediate crude, or WTI, "has become the most important marginal pricing barrel on the globe," said Peter Keavey, CME Group’s global head of energy and environmental products.Crude tankers are shown at the Port of Long Beach in California on March 8, 2022.
As traders loaded more tankers with U.S. crude deliveries to foreign buyers, related derivatives have grown more central to limiting risks, including war, pandemic and recession that have upendedin recent years. Futures contracts, agreements for deliveries months or years in the future, are paramount to such hedging strategies.
Chemical tanker barges are moored near silos and refining towers at the Royal Dutch Shell Plc Pernis refinery in Rotterdam, Netherlands, April 27, 2021.
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