US Oil Producers Fail to Produce

[Neveragain]

OPEC+ followed through with it's weeks long threat to slash production, which has seen oil price surge to more than $85 per barrel, up some 15% since they announced the tentative 2 million bpd cut. Biden has the Department of Energy researching the effects of an emergency embargo on gasoline, diesel and other distillate sources, as a result of those prices failing to come down despite oil being down more than 40% overall from peak highs.

US Crude Oil in the Strategic Petroleum Reserve Stocks is at a current level of 422.58M, down from 427.16M last week and down from 619.57M one year ago. This is a change of -1.07% from last week and -31.79% from one year ago.

The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left

The SPR has now been depleted since President Biden took office from 640 million barrels to 450 million barrels

Biden has proven to be the biggest national security threat since Jefferson Davis.