The Biden Administration is firing on all cylinders! Gasoline inventories are declining which translates to higher prices at the pump. Refineries are operating at 93% capacity right now and continue to ramp up. What happens to our energy supply should a refinery or two go down? We’re burning the candle at both ends and running out of wax.
Oil is still being withdrawn from the strategic petroleum reserve (SPR). The EIA reported a drawdown of 5.971 million barrels to 532 million barrels last week, the lowest SPR level since September 1987.
Oil Inventories Fall on Higher Refining Rates