Post #3918491

So, unsurprisingly, US reserves are still catastrophically low, because the flow of oil did not meaningfully resume following the MOU. Trump’s resumption of aggression against Iran this month makes it even less likely that flows will resume any time soon. The US has managed this mostly by drawing down its Strategic Petroleum Reserve (SPR): “Crude-oil stocks in the SPR — a program created in the wake of the Arab oil embargo in the 1970s to deal with shortages of crude — fell to 319.5 million barrels as of the week ended July 3. That’s the lowest since 1983, according to data from the Energy Information Administration… So, if the congressionally mandated minimum is at about 250 million barrels and there are just over 300 million barrels left in the SPR, the U.S. possibly could release 1 million barrels per day for 60 days, or 2 million barrels a day for 30 days, noted Michael Lynch, president of Strategic Energy & Economic Research.” https://archive.is/vB6rs