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Imported Oil
Crude or refined petroleum products sourced from foreign countries.
Surplus
The situation in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.
Excess Demand
A market condition where the quantity demanded of a product exceeds the quantity supplied at the current price, leading to upward pressure on prices.
Gulf of Mexico
A large oceanic basin located in the southeastern part of North America, bordered by the United States, Mexico, and Cuba.
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