The U.S. Strategic Petroleum Reserve has dropped to its lowest level since 1982, Department of Energy data this week showed, revealing the continued drawdown of emergency oil as the nation weathers a global energy shortage.
The reserve shrank by more than 3 million barrels of oil over the week ending on Aug. 28, the DOE said, leaving the stockpile at 286.6 million barrels or about 40% of overall capacity.
The largest global oil supply disruption on record has catapulted U.S. gasoline prices above $4 a gallon, rekindled inflation and helped set the stage for November’s midterm elections.
The biggest positive thing I hope comes from all of this nonsense is that the world uses this as a turning point to renewables that they can control domestically or within their own communities. Everyone running their own thermal, solar, or wind would be amazing.
The largest global oil supply disruption on record has catapulted U.S. gasoline prices above $4 a gallon, rekindled inflation and helped set the stage for November’s midterm elections.
The largest oil supply disruption on record is also the only self inflicted disruption that I’m aware of.
trump doing more to lower the production of fossil fuels than all pro renewable activist combined
The largest oil supply disruption on record is also the only self inflicted disruption that I’m aware of.
Hi. If you consider refining part of the supply disruption, then Russia – formerly one of the foremost fossil fuel exporters – fucked itself even harder. Invaded their neighbors hoping they would roll over in three days. Day 1651 or something into the very special military operation, Russians are queueing hours for gasoline while importing fuel as fast as they can.
Very fair point! We’re still only 186 days into the Iran war in America, so there’s still time for trump to beat those numbers, and possibly without anyone needing to actually bomb our infrastructure. And you know Trump doesn’t like to lose.
In response, they lowered fuel economy requirements on vehicles.
Also they are now in a trade war with their largest oil supplier.
Big brain move?
Canada imposing an export tax on oil would be a scorched earth move that would also be extremely unpopular in Alberta and further inflame the separatist movement there. I don’t think Carney would play that card unless he felt like he was out of other options.
It’s an old system underfunded for decades, cycled more than it was designed to handle, held together with what DOE officials told GAO are “Band-Aids.” The loan mechanism solves the pricing problem, but it doesn’t solve the fact that the physical infrastructure is eating itself with every cycle.
Don’t worry everyone, trump has already blamed Biden (somehow) and promised to restock the reserves with stolen oil from Venezuela (somehow).
