With the world’s economy and shipping lanes contorted by the pandemic, the United States faces inflation pressures not experienced in decades. More frequently, it has been used to exchange or lend oil to refineries when ship channels were blocked by barge accidents or storms. Established after the 1973-74 oil embargo by Arab members of the Organization of the Petroleum Exporting Countries, it has been used in only a few emergencies, including the buildup to the Persian Gulf war in 1991 and the aftermath of Hurricane Katrina in 2005, when much of the Gulf of Mexico oil infrastructure was damaged.
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