It is hard to articualate what an uselss and even reckless move by the US government this is. It really makes one question the competance of the administration - a concern Granholm did nothing to appease yesterday (link).

The Biden Administration's plans to release 50MM barrels from the US Strategic Petroleum Reserve is approximately 8% of our total. Below are exact numbers on the Strategic Reserves in question. Pathetic really, truly just enough for an emergency which is their stated purpose. Very risky to be draining these reserves in a naive atempt to influence price.

Country / Strategic crude stocks MB / Days of Demand
USA / 609 / 30
China / 574 / 37
India / 26 / 5
Japan / 290 / 83
Korea / 97 / 37

Adding the BBL to be released to the above;

USA 18m ( 2.95% of stock, 0.89 days of demand)
China 7m ( 1.21% of stock, 0.45 days of demand)
India 5m ( 19.2% of stock, 0.96 days of demand)

I wonder if Biden even understands the irony of such action - as well as his continued pleading to have OPEC increase production - in the wake of his energy policy.

[Post edited by nyhoo at 11/24/2021 05:23AM]