America may see actual gasoline shortages by July 4 — and the Strategic Petroleum Reserve is running out
Key Points and Summary: China holds approximately 1.4 billion barrels of oil in its Strategic Petroleum Reserve — the largest in the world. The U.S. SPR is now below 375 million barrels and is dropping by 10 to 18 million barrels per week, according to various analyses. Most experts estimate the SPR needs to hold 500 to 700 million barrels to remain effective in mitigating short-term energy disruptions in a country the size of the United States.
-The last shipment of oil from the Strait of Hormuz bound for the U.S. landed in mid-April. Senior National Security Editor Brandon Weichert argues that shortages could begin around July 4.
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Sadly, the SPR has sat well below these optimal numbers for years. Now, with Trump’s poorly executed Iran War, the US stands to lose its SPR before the really painful disruptions resulting from this ongoing conflict hit us.
https://www.msn.com/en-us/money/markets/america-may-see-actual-gasoline-shortages-by-july-4-and-the-strategic-petroleum-reserve-is-running-out/ar-AA23T8op
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