As we detailed earlier in the week, the latest weekly release has pushed the SPR below the 500 million barrels mark for the first time since 1986…
And as the chart above shows, the plummeting SPR is not having the impact on prices that President Biden hoped (which explains why he is blaming everyone and everything else for the rise in gas prices – as it becomes clear it’s a refining capacity issue as much as anything else).
While that is ominous by itself, we note that in the context of US demand, it is even more of a concern as based on the latest Department of Energy estimate of Implied Crude Demand, there is just 27 days of supply left in the emergency oil reserve… a record low…
Congress has been irresponsibly selling the SPR down,” said Bob McNally, who in the early 2000s oversaw the Energy Department’s efforts to replenish the SPR under former President George W. Bush, adding that “draining the reserve leaves the country and the world more vulnerable to geopolitical shocks.”
Finally, we note that in response to growing concerns about the depleted reserve, the Department of Energy revealed plans to replenish emergency stocks.
This fall, it will launch a buyback process to repurchase 60 million barrels of oil, or one-third of the six-month 180-million-barrel emergency release.
The Great Reset is commencing..
Please repent, carry your cross daily and accept the free gift of Jesus Christ’s Death on the Cross for payment for your sins.
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