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Oil Crisis Never Happened | Raleigh News
Oil prices didn’t explode as feared when the conflict erupted in February — a surprise twist that saved wallets from a brutal gas bill shock. While markets initially braced for record highs beyond 2008 levels, Brent crude stayed below those peaks and WTI held steady despite volatility. The real story? Market mechanics stepped in: China scaled back imports, the U.S. boosted production and tapped its Strategic Petroleum Reserve, Saudi Arabia rerouted exports via the Red Sea, and traders stopped overreacting. But this cushion isn’t forever — reserves are dangerously low and shipping routes…
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