Kevin Bae

Non-Social in a Socially Networked World

U.S. oil reserves at lowest level since 1984. Thanks Joe Biden

We better hope there are no further oil shocks across the world. What could go wrong when Joe Biden depletes the nation’s Strategic Oil Reserves?

The U.S. Energy Information Administration said Wednesday that the Strategic Petroleum Reserve declined by nearly 7 million barrels in the week ended Sept. 16, leaving it at roughly 427 million barrels—the lowest since 1984. For the first time since 1983, the SPR now holds less oil than commercial storage.

The U.S. has been drawing from the reserve at a rapid pace this year. The Energy Department on Monday said it has released roughly 155 million barrels of crude oil since President Biden authorized a draw of up to 180 million barrels on March 31. That implies a draw of slightly less than 900,000 barrels a day, or nearly 1% of global oil demand. The DOE on Monday said it plans to sell up to 10 million barrels from the SPR in November, extending the SPR draw beyond the initial October target. That would leave only about 15 million barrels that could be sold under the emergency authorization.

America has lost it’s oil buffer – WSJ