This isn't getting enough attention.
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This isn't getting enough attention.
The US Strategic Petroleum Reserve is at its lowest level since 1983. Why?
Trump and the GOP have been selling it off to try to keep oil prices low and artificially hide the real impact of the Iran War.@petergleick Why didn't they wait until later to wag the dog?
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@petergleick I saw mention of this some hours ago in an article about how the US might want to pay more attention to its dependence on Canadian oil.
Total incompetence from the US gov exec.
As Dean Blundell wrote: "Trump is fighting a two-front war, one against Iran, with an oil reserve at a 44-year low, and one against the country that fills the reserve. The last man who tried a two-front war against people who wouldn’t quit had a bunker in Berlin."
It's well worth reading the whole thing.
(Substack scolds: I'm not interested in your purity antics.)
https://deanblundell.substack.com/p/you-have-no-idea-who-youre-dealing
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This isn't getting enough attention.
The US Strategic Petroleum Reserve is at its lowest level since 1983. Why?
Trump and the GOP have been selling it off to try to keep oil prices low and artificially hide the real impact of the Iran War.@petergleick @heuveltop Please start the y-axis at 0
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This isn't getting enough attention.
The US Strategic Petroleum Reserve is at its lowest level since 1983. Why?
Trump and the GOP have been selling it off to try to keep oil prices low and artificially hide the real impact of the Iran War.@petergleick if they can keep the hustle going long enough they can blame the Democrats post midterms for gas prices
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This isn't getting enough attention.
The US Strategic Petroleum Reserve is at its lowest level since 1983. Why?
Trump and the GOP have been selling it off to try to keep oil prices low and artificially hide the real impact of the Iran War.@petergleick it's actually somewhat worse than that. Back in March Exxon were given permission to tap the strategic oil reserve (and profit from higher prices) on the proviso that they then more than replaced it later, expecting costs to be lower (ooh, more profit for Exxon) https://www.energy.gov/articles/united-states-release-172-million-barrels-oil-strategic-petroleum-reserve
What will be interesting is when it gets replenished and at what cost.
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How long will they be able to hold it up? Till the midterms?
At the current draw, it should last till the midterms, barely. The SPR has a Defense Department certified floor of ~243 million barrels. Below that floor it's not oil, but sludge. As of last week we pulled 3.7 million barrels, down to 289.7 mmb. If we keep pulling that much it will last another 12 weeks.
We're on track to pull maybe 19 mmb in August, or about one day of oil for the U.S. or about 3% of our oil burn.
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This isn't getting enough attention.
The US Strategic Petroleum Reserve is at its lowest level since 1983. Why?
Trump and the GOP have been selling it off to try to keep oil prices low and artificially hide the real impact of the Iran War.This is not the behavior of an administration that cares about consequences. I wonder why?
