Will the SPR Withdraws Be Enough
It has been reported that diesel stockpiles are at the lowest since 2008.
Which is about a 25-day supply and has been called “unacceptably low”.
https://bit.ly/3FcuXMH
Last week we saw President Biden scolding the oil and gas industry to drill, produce and refine more oil.
In an effort to supply the US with more oil, it looks like the Biden Administration thinks we need to withdraw even MORE oil from the SPR. (Strategic Petroleum Reserve)
From my understanding, the DOE (Department of Energy) has a guideline of not withdrawing below a 90-day supply.
Today it looks like we have about enough oil for 20 days.
The US EIA (Energy Information Administration) reported the USA consumed about 20 million barrels a day in September.
https://bit.ly/3DnZMwx
Do you think a three-quarter day supply will be enough?
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