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peakoil.com: https://peakoil.com/production/americas-emergency-oil-reserve-is-shrinking-fast

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K000389
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GDELT news · original
Published
Wednesday, May 27, 2026

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America’s emergency oil reserve is shrinking fast | Peak Oil News and Message Boards Exploring Hydrocarbon Depletion --> Peak Oil News Submit News PO Forums Forum Posts Guest View Forum Posts Member View What is PO? About Us Search Username Remember Me Password Lost your password? Register Peak Oil is You Donate Bitcoins ;-) or Paypal :-) Page added on May 27, 2026 America’s emergency oil reserve is shrinking fast America’s oil stockpiles are shrinking rapidly, with U.S. crude inventories posting consecutive weekly declines, exports surging and the country drawing down from its emergency supplies to offset the impact of the war with Iran on global energy markets. According to recently released figures from the U.S. Energy Information Administration (EIA), total crude inve
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America’s emergency oil reserve is shrinking fast | Peak Oil News and Message Boards Exploring Hydrocarbon Depletion --> Peak Oil News Submit News PO Forums Forum Posts Guest View Forum Posts Member View What is PO? About Us Search Username Remember Me Password Lost your password? Register Peak Oil is You Donate Bitcoins ;-) or Paypal :-) Page added on May 27, 2026 America’s emergency oil reserve is shrinking fast America’s oil stockpiles are shrinking rapidly, with U.S. crude inventories posting consecutive weekly declines, exports surging and the country drawing down from its emergency supplies to offset the impact of the war with Iran on global energy markets. According to recently released figures from the U.S. Energy Information Administration (EIA), total crude inventories fell by 17.8 million barrels for the week ending May 15. The record drop follows several weeks of similarly steep declines that have brought total stocks (including those in the Strategic Petroleum Reserve) to their lowest level in almost a year. As analysts told Newsweek, the declines are eroding a critical safety buffer designed to protect the U.S.—and the prices consumers pay at the pump—during major supply shocks, and will offer the country less flexibility to respond if conditions deteriorate further. Since the beginning of the war on February 28, the closure of the Hormuz Strait—through which around one-fifth of the world’s oil previously passed—has pushed global oil prices to multi-year highs and led to what the director of the International Energy Agency (IEA) has called the “largest energy crisis in history.” And in the U.S., drivers are facing significantly higher costs, with gas prices having risen around 50 percent to an average over $4.50 per gallon, and other downstream products like jet fuel facing comparable spikes. And experts believe the drawdown of U.S. inventories could put further upward pressure on prices going into the summer season. Where Is America’s Oil Going? America’s oil inventories increased gradually during the first year of President Donald Trump’s second term, in line with the inaugural pledge to “fill our strategic reserves up again right to the top.” However, according to the EIA’s latest Petroleum Status report, consecutive weekly drops have pulled stockpiles back down to June 2025 levels. At 445 million barrels, excluding those in its Strategic Petroleum Reserve, the agency said that U.S. crude oil inventories are around 2 percent below the five-year average for this time of the year. Distillate inventories—including petroleum products such as diesel fuel and heating oil—have dropped even further below their typical levels. “To quote the Carpenters, ‘We’ve Only Just Begun,'” said energy analyst Tom Kloza, who told Newsweek that the figures are likely to “spark concern.” Kloza, chief energy advisor at Gulf Oil, added that industry
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