re: We have 17 days of oil left in reserves.

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I'm going to explain this to you Powerfart in baby terms, please follow along. Biden initiated a SHORT position in the summer of 2022 selling a shitload of reserves. Every SHORT position has to eventually be settled with a BUY order. Biden has yet to settle his open order (Sell/Buy). Crude is now $90 plus a barrel. When Biden does close out his position by re-stocking what he sold, all hell will break loose and we'll be on our way to $150 a barrel. OPEC+ knew this and let him buy his 2022 midterm votes, now it's time to pay the piper. I don't expect you to comprehend any of this, bless your little heart.

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This is a horribly stupid take. We are not obligated (like a short position) to fill the SPR, in many ways the reason it exists are no longer valid.

The SPR was created because the OPEC nations put an oil embargo on the US, crippling our economy. That same action if taken today is meaningless. We are set to become a net oil exporter this year and the reason we still import is because many of our gulf refineries are configured for heavy crude (like from Venezuela).

The US has no strategic need for an SPR anymore.

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I appreciate the explanation, but I still don't get it. If we are pumping record volume of crude AND dumping the crude reserves, who's the consumer? If refinery is the bottleneck, shouldn't raw crude be cheaper due to excess inventory?

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We used the SPR back in early 2021 when oil production hadn't ramped up yet. They shut down a lot of wellheads in 2020 due to lack of demand and it took time to get production back up to current levels.

Currently we produce roughly what we consume. We offset ship some of our lighter crude and import heavy from Venezuela mostly due to our refinery configurations.

THANK YOU, JOE BIDEN!

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If you're in a panic about this just know that it's only because you're stupid

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Only an idiot would take a Let's Go Brandon post and call it panicking.

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The Petrodollar didn't need reserves, it exists because the USD was stable.

Hell the SPR wasn't even created when the Petrodollar agreement was made with the Saudis.

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The U.S. dollar's global popularity as the petrodollar does not depend on the good will of oil exporters. It is based on U.S. status as the world's largest economy and goods importer, with liquid capital markets backed by the rule of law as well as military power.

Answer me this Einstein, how do you get to stable military backed power if you don't have strategic national reserves for wartime and state of emergency efforts? Let me guess, your answer is Just-in-Time Inventory on an annual net exports basis with no care in the world for significant reserves? You are short-sighted to even suggest the reserves don't need to be re-filled to strategic national levels...or hell even at all per your previous suggestions.

thieves gonna thieve

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Who do we blame for that? Did it ever make it to Trump's desk from Congress? Come on, it's okay you can say it. I won't tell your Left friends, this will just be between you and me

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I have lots of left wing friends, but they all know me as an implacable right wing guy, so it's okay if you tell them. Plus, I already have.

Seriously, you act like you have made some prosecutorial discovery, but what you hint at was strongly implied in my post.

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The U.S. dollar's global popularity as the petrodollar does not depend on the good will of oil exporters. It is based on U.S. status as the world's largest economy and goods importer, with liquid capital markets backed by the rule of law as well as military power. Answer me this Einstein, how do you get to stable military backed power if you don't have strategic national reserves for wartime and state of emergency efforts? Let me guess, your answer is Just-in-Time Inventory on an annual net exports basis with no care in the world for significant reserves? You are short-sighted to even suggest the reserves don't need to be re-filled to strategic national levels...or hell even at all per your previous suggestions.

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5 minutes ago you were claiming it was due to the SPR and it needed to be filled due to your dumbass Short analogy. Stability is absolutely the reason why most trade is performed in the US Dollar. Petro or otherwise.

The reason we needed a strategic reserve in the 1970's was because we didn't produce enough oil and required that oil to be imported. This created a strategic risk that was realized in the early 70's when OPEC Embargoed the US and we ran a deficit in oil.

It had very little to do with "military" power or the ability to run an army for X # of days, it had everything to do with being able to maintain our domestic supply of energy.

With the US now having become a net exporter of both Energy and Oil, the very reason for the SPR to exist is actually gone. We still have a minor dependency in our refineries on heavy crude but that can be handled with retooling (which should have happened years ago). For now, the amount of heavy crude we require is more than sufficient in what's sitting in the SPR.

Just stop making shite up.

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Gulf still has quite a huge chunk of our raw petroleum supply. The rigs shut down for any significant length of time to prepare for a storm and we potentially start having issues even if refineries are running.

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Not for any period of time that would significantly impact us. We maybe a portion of that production when those storms roll through. If they had to shut down the entire gulf for over a year, yeah then we'd have issues, but I would assume we can figure out something to do before that happens.

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Overall oil in storage fell another 2mln barrels