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BumRushDaShow

(173,772 posts)
Tue Jun 30, 2026, 04:05 AM 14 hrs ago

Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983

Source: Reuters

June 29, 2026 4:07 PM EDT Updated 2 hours ago


HOUSTON, June 29 (Reuters) - Stocks of ​crude oil in the U.S. ‌Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, ​the lowest level since May ​1983, according to data from the ⁠Department of Energy.

The drawdowns are ​a part of a U.S. ​agreement to release 172 million barrels from the facility to plug a gap in ​global inventories after the Iran ​war and help push down fuel prices.

U.S. ‌crude ⁠stocks have rapidly declined in recent weeks due to strong export and refining demand for American ​oil.

Since the ​war began ⁠at the end of February, overall U.S. inventories, ​including commercial and SPR stocks, ​have ⁠fallen by 111.4 million barrels to 743.3 million barrels as of ⁠June ​19, the lowest ​since 1984.

Read more: https://www.reuters.com/business/energy/oil-stocks-us-strategic-petroleum-reserve-fall-by-55-million-lowest-level-since-2026-06-29/



Short article at post time.
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Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983 (Original Post) BumRushDaShow 14 hrs ago OP
I guess the US oil companies should stop exporting our oil LiberalArkie 12 hrs ago #1
It's not that simple. Oil refineries are built to refine a specific grade of oil. Other grades are shipped overseas 3Hotdogs 11 hrs ago #2
From a search of "what grade of oil does the U.S. export" LiberalArkie 10 hrs ago #3
Exactly. Scruffy1 6 hrs ago #6
This is a story that needs to be told. I hope Ken Burns is working on it FakeNoose 6 hrs ago #7
Thank you donald trump, the art of the deal. republianmushroom 7 hrs ago #4
Trump is what he's always been: a wastrel Prairie Gates 6 hrs ago #5
But prices at the pump? SergeStorms 5 hrs ago #8
It will be 1973 all over again eringer 5 hrs ago #9

3Hotdogs

(15,760 posts)
2. It's not that simple. Oil refineries are built to refine a specific grade of oil. Other grades are shipped overseas
Tue Jun 30, 2026, 07:58 AM
11 hrs ago

to countries whose refineries can process it.

Tar sands oil goes out of our country because we can't refine it without building new refineries. Then you get N.I.M.B.Y. resistante.

LiberalArkie

(19,979 posts)
3. From a search of "what grade of oil does the U.S. export"
Tue Jun 30, 2026, 08:33 AM
10 hrs ago


The United States primarily exports light, sweet crude oil along with refined petroleum products such as gasoline, diesel, and jet fuel.
Crude Oil Grades Exported
The U.S. produces mostly light, sweet crude oil, particularly from shale formations in Texas and New Mexico, such as the Permian Basin, which drives the majority of production growth

. This type of crude has a low sulfur content and lower density, making it easier to refine into gasoline and diesel. U.S. crude exports are largely of this grade because domestic refineries are optimized for heavier crudes, leaving surplus light, sweet crude available for international markets

.
Export Volumes and Composition
In 2025, the U.S. exported about 10.7 million barrels per day of petroleum and petroleum products, with crude oil comprising roughly 37% of total exports

. The remaining 63% consists of refined products, including gasoline, diesel/distillate, LPG, and jet fuel. Refined products are the dominant export category due to high refinery output and global demand for middle distillates like diesel

Destinations
U.S. crude oil exports primarily go to Europe and Asia/Oceania, while refined products are shipped to a mix of European, Latin

American, and Asian markets depending on seasonal demand and logistical considerations

. The Netherlands is a major importer of U.S. petroleum products

.

Scruffy1

(3,564 posts)
6. Exactly.
Tue Jun 30, 2026, 12:55 PM
6 hrs ago

The Koch brothers refinery (Flint Hills Resources) at Pine Bend Minnesota was converted for tar sands oil back in the 1990"s. It has been much more profitable than other refineries because the lack of other customers for tar sands dilbit let them get it cheap. There may be some others in the upper mid west that use tar sands oil now, but the proposed keystone Keystone pipeline was for exporting from the Gulf coast.
Oil is like power; It corrupts. The Koch brothers grew their empire the old fashioned way: Theft. Nobody knows how much they stole, but just the settlement to my grandmothers tribe was 34 million dollars. They were never indicted for their crimes and the American press kissed their ass. So much for American justice. Here in west Texas we are looking at huge damage from fracking, but of course the taxpayers will eat the cost, not the ones who caused it.

Prairie Gates

(8,685 posts)
5. Trump is what he's always been: a wastrel
Tue Jun 30, 2026, 12:16 PM
6 hrs ago

He squanders and fritters away everything that falls in his lap.

HIs father raised him incorrectly: both the father and son a fool.

He would be a minor character in a Victorian novel.

SergeStorms

(21,093 posts)
8. But prices at the pump?
Tue Jun 30, 2026, 01:05 PM
5 hrs ago

Eh........not so much.

Any conflict that threatens crude oil....prices at the pump jump up immediately.
Price of crude craters.....it takes months to reach the pump price.

I'm starting to pick up a pattern here. 🤔

eringer

(561 posts)
9. It will be 1973 all over again
Tue Jun 30, 2026, 01:56 PM
5 hrs ago

We almost lost our business during the last oil crisis. We did the odd even tags to shorten the lines at the gas stations. I remember a Trump and Sean Hannity supporter called Lindsay Cadillac in Alexandria Virginia had bought the gas station next to their dealership several years earlier. This came in handy during the crisis as only their fat cat Caddy owners could buy gas at their gas station. That is a preview of what will happen if gas is rationed again.

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