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.
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.