Dopey Joe Biden Drains US Strategic Oil Reserve to Lowest Level Since 1986; UAE Warns Not to Expect Any Help from OPEC

Biden Drains US Strategic Oil Reserve To Lowest Since 1986; UAE Warns Not To Expect Any Help From OPEC

Continuing to do the same action and expecting different results is the Einsteinian definition of insanity… but that hasn’t stopped the Biden administration in the case of its attack of his oil/gas prices.

This morning, despite DOE’s servers being reportedly fried, they managed to report that the US released 6.9 million barrels of crude from its Strategic Petroleum Reserve (SPR) last week (~985,000 b/d).

As Bloomberg’s Javier Blas notes, the latest weekly release has pushed the SPR below the 500 million barrels mark for the first time since 1986.