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.
LiberalArkie
(19,979 posts)3Hotdogs
(15,760 posts)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)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)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.
FakeNoose
(43,104 posts)republianmushroom
(22,933 posts)Prairie Gates
(8,685 posts)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)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)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.