Category: Well, it’s official. The energy department will officially suspend shipments into the strategic oil reserves stockpile starting July 1. Is it a political move? You bet.
The 76,000 barrels of oil a day that was being sent to the reserves is a pitiful amount of oil compared to what we use as a country on a daily basis (21 million bpd). It will cause a brief blip in oil prices and quickly be swallowed up as prices continue to soar.
The only positive thing to note is that the strategic oil reserves are at 97% capacity, holding 701 million barrels of crude.
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