The U.S. Department of Energy released 50 million barrels of oil from the nation’s strategic petroleum reserve to address high gas prices and supply and demand challenges. Total Farm Marketing Senior Market Advisor Naomi Blohm says the crude oil market anticipated the announcement. “While 50 million barrels sounds like a lot, in September, Americans used an average of 20 million barrels each day. This was only the equivalent of about 2.5 days of supply.” Blohm says this was a buying opportunity. If farmers still need to book fuel needs, now may be a good time to do it. “With the economy recovering strong, I’m of the opinion the market will work higher.”
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