U.S. Strategic Oil Reserves – How Healthy Are Our Supplies Of Crude Oil?

U.S. crude oil stockpiles may have increased for the time being, but not so for the SPR (Strategic Petroleum Reserve) which is still sitting near a record low.

"As of this week, I think we're at probably about half of where we really should be" said Tim Stewart, president of the U.S. Oil & Gas Association, "A few months ago, when oil was at $65 a barrel, I think it was the best opportunity to jump in at lower prices."

After depleting the SPR before the 2022 midterms to lower gas prices, Joe Biden promised to refill it by the end of this year. But that promise was cancelled last month because the administration said that prices were too high.

"You've never heard them say they can't do something because it costs too much" Stewart told KTRH, "They've cancelled hundreds of millions of dollars in student loan debt, but they can't seem to buy oil at $75 a barrel because it's too expensive."

In the meantime, as China continues to load up on oil, all eyes are on the Middle East, which could send prices soaring by the end of the year.