Photo by American Public Power Association on Unsplash

We’ve now drained nearly half the SPR.

Why does it seem no one is concerned? Our ability to weather a large supply disruption event dwindles daily.

“Davidson” submits:

• Total US Crude Inv decline 5.4mil BBL, US Crude Prod rises to 12.7mil BBL/Day, US Crude Imports decline 1.8mil BBL/Day, Fudge factor remains flat
• Refined Prod Inv remain flat.

One can see a very gradual rise not only in the US Consumption trend of Refined Prod but a rise in Refined Prod Exports. While there was a small rise in SPR, the change in US Crude Inv decidedly brought US working inv back to the trend since 2003. Inventories continue to reflect strong working capital discipline not present in prior decades. The rise in US Crude Prod to 12.7mil BBL/Day as oil rig implementation(gas rigs excluded in this count) is more of a function of what can be months of delays between well completion vs production.

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