U.S. emergency crude stockpile falls to lowest in 37 years

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ExpressLane

Verified User
HOUSTON, Aug 1 (Reuters) - The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday.

Crude held in the Strategic Petroleum Reserve (SPR) dropped to 469.9 million barrels for the week ended July 29, according to DOE data, in the smallest weekly withdrawal since May.

U.S. President Joe Biden in March set a plan to release 1 million barrels per day (bpd) over six months from the SPR to tackle high fuel prices contributing to soaring inflation.

The SPR held about 618 million barrels last September and its stocks have declined due to sales from congressional mandates and Biden's price initiative. U.S. gasoline prices are about 40 cents a gallon lower than what they would have been without the sales, the White House said last week.

Since May, releases have averaged 880,000 bpd, not meeting the 1 million bpd plan. A DOE spokesperson said the slowdown had occurred because the July 4 holiday and use of an additive to cool crude for transportation had affected some deliveries........

https://www.reuters.com/business/en...e-stockpile-falls-lowest-37-years-2022-08-01/

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The Strategic Petroleum Reserve is getting dangerously low. Biden has no business getting it this low. This is placing the US at potential risk. Biden is artificially trying to drive the price of gasoline down before the midterm election. The sell off of oil is due to end in October. Watch for prices to rise after the election.
 
Drained, as if China is already in charge.

The natural gas situation is likewise fucked.

As is the home heating fuel.

Buckle Up!
 
ExpressLane said:
HOUSTON, Aug 1 (Reuters) - The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday.

Crude held in the Strategic Petroleum Reserve (SPR) dropped to 469.9 million barrels for the week ended July 29, according to DOE data, in the smallest weekly withdrawal since May.

U.S. President Joe Biden in March set a plan to release 1 million barrels per day (bpd) over six months from the SPR to tackle high fuel prices contributing to soaring inflation.

The SPR held about 618 million barrels last September and its stocks have declined due to sales from congressional mandates and Biden's price initiative. U.S. gasoline prices are about 40 cents a gallon lower than what they would have been without the sales, the White House said last week.

Since May, releases have averaged 880,000 bpd, not meeting the 1 million bpd plan. A DOE spokesperson said the slowdown had occurred because the July 4 holiday and use of an additive to cool crude for transportation had affected some deliveries........

https://www.reuters.com/business/en...e-stockpile-falls-lowest-37-years-2022-08-01/

======================================

The Strategic Petroleum Reserve is getting dangerously low. Biden has no business getting it this low. This is placing the US at potential risk. Biden is artificially trying to drive the price of gasoline down before the midterm election. The sell off of oil is due to end in October. Watch for prices to rise after the election.
Click to expand...

What a idiot. First we don't need it , we had no problem before 1981 when the reserve was first started. Second, we are surrounded by two of the world powers in reserved oil, Canada and Mexico and throw in us for good measure By the way, what the hell do you think the reserve were for. Idiot , it was created to be used exactly the way it is being used right now, Now add in the 31 countries that we have a agreement with to release strategic oil reserves/ and throw in the fact that we have the largest strategic oil reserve in the world. One more thing for stupid, we have international agreement with other countries to supply oil to them, They are treaties and all American treaties become law the day they are signed . How do you spell idiot.? These haters, these MAGA Maggots are worthless, everything they say is a lie or a distortion. They are a total waste.
 
ExpressLane said:
HOUSTON, Aug 1 (Reuters) - The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday.

Crude held in the Strategic Petroleum Reserve (SPR) dropped to 469.9 million barrels for the week ended July 29, according to DOE data, in the smallest weekly withdrawal since May.

U.S. President Joe Biden in March set a plan to release 1 million barrels per day (bpd) over six months from the SPR to tackle high fuel prices contributing to soaring inflation.

The SPR held about 618 million barrels last September and its stocks have declined due to sales from congressional mandates and Biden's price initiative. U.S. gasoline prices are about 40 cents a gallon lower than what they would have been without the sales, the White House said last week.

Since May, releases have averaged 880,000 bpd, not meeting the 1 million bpd plan. A DOE spokesperson said the slowdown had occurred because the July 4 holiday and use of an additive to cool crude for transportation had affected some deliveries........

https://www.reuters.com/business/en...e-stockpile-falls-lowest-37-years-2022-08-01/

======================================

The Strategic Petroleum Reserve is getting dangerously low. Biden has no business getting it this low. This is placing the US at potential risk. Biden is artificially trying to drive the price of gasoline down before the midterm election. The sell off of oil is due to end in October. Watch for prices to rise after the election.
Click to expand...

40-something more days. Then gas prices go back up and the shortages start.
 
Well, when you have expressed that doing away with fossil fuels entirely and starting with emptying the SPR... Joke and the radical Leftists in his administration are doing what they promised for once...

Yea, it's going to bite the US in the ass like an enraged pit bull, but the radical Left doesn't give a shit. They want what they want and reality and common sense be damned.

Hear the latest? The IEA (part of the UN) wants nations to sign on to going all electric vehicles by 2035... The inmates are running the asylum!
 
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