re: DJT - We run out of reserves at about 4 weeks...you wanna see bedlam?

We also import a lot of the oil we refine and export a lot of our own oil.

It isn't just our reserves being depleted that's the issue here. There has been a global reserve draw down. Most our imports are from Canada and Mexico. To really get into this we would need to look at the reserves of who we import our oil from.

And that's just on the gas price front. Our economy is heavily dependent on there being minimal disruptions to semiconductor manufacturing in Taiwan. There are a number of potential bottlenecks in that supply chain that go through the strait. The idea that this is as simple as drill baby drill and all our problems go away is naive.

It's obvious to me that he's not talking about US reserves, but world reserves. Reserves of producer countries like South Korea, Japan, European countries, etc. I think countries that have little to no drilling capacity have more of a just in time refining than countries that can drill their own.
Producer countries were probably hurting the most scrambling to replace the missing 20% from the SOH. Fertilizer also played a big part of this.

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I don’t believe that

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If an oil well is stopped, it may not produce ever again. Even if it does produce, it takes a good bit of time to start back up. This was done to avert disaster. We'll probably still get get oil shock in a month.

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It's obvious to me that he's not talking about US reserves, but world reserves. Reserves of producer countries like South Korea, Japan, European countries, etc. I think countries that have little to no drilling capacity have more of a just in time refining than countries that can drill their own.

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Correct.

The only reason why petro prices didn't skyrocket during the war was China took the brunt of it by both selling a lot of their reserves AND lowering their demand.

Europe Markets
China is helping to cushion global oil prices below $100 — but analysts warn it won’t last

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A rapid reduction in Chinese crude imports has helped stop oil from trading even higher since the outbreak of the U.S.-Iran war — but analysts warn that price rises will be needed as market balance is gradually restored.

The Middle East conflict has entered its 100th day — but fears of a $200-per-barrel spike have failed to materialize, despite global crude supplies tumbling 14% since hostilities began on Feb. 28.

Market strategists say China is acting as a key pressure valve on energy markets, with Beijing’s move to cut crude imports from 11.7 million barrels a day in February to just under 9 million a day by late May helping to ease the Strait of Hormuz supply shock.

China’s cut represents about 74% of the decline in global crude imports, a “disproportionate” share of the adjustment, according to J.P. Morgan analysts, who said this has helped prices remain “remarkably calm” four months into the conflict.

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China is going to gain so much diplomatically for helping the region during this war. So not only are they going to be able to get closer to Iran, Belt and Road Iran, etc., but they were also foil to the US in oil markets (US starts a war that cripples worldwide economies while China sacrifices to help these countries).

Also, it's telling Trump got the deal done after visiting China. China's inability to continue to be the party keeping the world's oil prices down wasn't going to be able to continue indefinitely, and I imagine Xi let Trump know this. That's why post-China Trump was open about it.

Well thats one hell of an admission of defeat. fricking pathetic.

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This is what I mean when I say that you personally, should never, ever say anyone else has "the dumbest post ever".

Dude, he is talking about global reserve stocks held by private companies and not specifically the strategic reserves tUSA holds. There is a difference. You should learn that.

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It's amazing, really

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China is going to gain so much diplomatically for helping the region during this war

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Too many people here see China as the great boogie man. Yet they are too blind to see that only we go around the world bombing and forcing regime chamge through military action. China plays the soft game. This is also why China is winning.

I cannot wait until the hawkish neo-cons, who want to bomb the shite out of everyone they think doesn't like us, are dead. Maybe then tUSA will no longer look like the bad guy on a global scale.

Que the "you hate America/you love China" BS spewing from the mouth breathers.

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After 10+ years of being in politics, you idiots still can’t speak Trump. It is mind blowing.

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Textbook example

This meme might be the most perfect meme I’ve ever seen that describes this place.

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It's obvious to me that he's not talking about US reserves, but world reserves.

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Cushing hit its operational minimum last week.