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.
Gas lines here we come? Anybody remember 1979?