America’s Strategic Petroleum Reserve (SPR) is at less than 330 million barrels and falling like a rock. That’s a problem because, at least for now, the US is surviving by drawing heavily on the SPR amid the ongoing quasi-blockade of the Strait of Hormuz.
We anticipated $150 per barrel of oil considering that 20 percent of the world’s oil supply was blockaded by Iran (and the United States) in the Strait of Hormuz. Instead, oil prices have been declining at breakneck speed.
President Donald J.