Key Currency Exchange Rates
Related Posts
Key Currency Exchange Rates for Friday, 8/21/20
American Dollar to Canadian Dollar = 0.756105; American Dollar to Chinese Yuan = 0.144419; American Dollar to Euro = 1.176693; American Dollar to Japanese Yen = 0.009450; American Dollar to Mexican Peso = 0.045134.
Saudi Retreat From U.S. Oil Market Cuts Exports to 30-Year Low
For a generation, the huge, whitewashed storage tanks at America’s largest oil refinery in Port Arthur, Texas, have stored almost nothing but Saudi crude. The plant is owned by Saudi Arabia’s state-run oil company, Aramco, and since it first bought a stake in 1988, the Motiva refinery guaranteed the kingdom a strategic foothold in the world’s largest energy market. The tankers carrying millions of barrels a month of Arab Light crude from Saudi export terminals to Port Arthur were testament to the strength of the energy and political ties binding Riyadh and Washington. All of a sudden, there are very few Saudi ships arriving in Texas. Since July, Aramco has constricted supply, attempting to drain the crude storage tanks at Motiva -- and many others across America -- part of a plan to lift oil prices, even at the cost of sacrificing its once prized U.S. market. Click Read More below for additional information.
