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Robert Nickelsberg / Liaison
Welders are working on the strategic oil reserve pipeline on June 1, 1980 in West Hackberry, Louisiana. Started by President Ford to reduce the threat of oil embargo, SPR crude oil is stored in huge underground salt caves along the Gulf of Mexico, a natural choice because of the proximity of many refineries and distribution points.
Global oil supply peaked in August, reaching a record 100 million barrels per day (bpd), the International Energy Agency said in its monthly oil market report on Thursday.
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