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- Hacker News
- Don't worry everything is going according to god emperor Trump's plan. TRUST THE PLANby TitaRusell
- This directly because of the U.S. support of Israel. I also think as long as America keeps supporting Israeli military actions, there will be inflation. I won't forget how they enacted economic policies that knowingly caused layoffs of so many friends and colleagues but spared Israel with countless billions in spending. What was the point in increasing interest rates if we're going to enable genocides, increase gas prices, and spend so much money on defending America's worst ally?by kittikitti
- So the US has 25 weeks, or 6 months of oil reserves left. One thing to note is that most jet fuel for europe comes from persian gulf oil. The US has been supplying Europe with jet fuel (at the cost of American gasoline) since the beginning of the war. If the US stops pumping out of the strategic reserve, there's not enough oil to produce both enough gas to stay below $5 a gallon, and keep the transatlantic/european aviation industry afloat. Iran has nothing to lose by turtling through the mid-terms and into January. They've been preparing for this war for 45 years, and everything is mostly going according to plan.by hadlock
- This just in: Failed casino huckster defeated by country that invented chess. Ric Romero has more on this late-breaking story at 11!by CamperBob2
- For those who don't have access to ft.com, here's a link with the time series of the SPR from the EIA:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W...
by credit_guy - > The US government is continuing to release oil from its strategic petroleum reserve, which saw a drawdown of 3.8mn barrels to 307.7mn barrels — the lowest level in more than 40 years. Its operational minimum, below which further withdrawals risk damaging infrastructure and disrupting pipeline operations, is estimated at 180mn to 200mn barrels, according to industry analysts.
So [EDIT: half] a year of reserves left at current rates and levels.
- Literally the dumbest president of all time.by Ancalagon
- As the private/working reserves are set to reach operational minimums in a month or less at the current pace, the SPR will have to increase draw rate or there will have to be further demand destruction. If it goes to 7mn a week, below the 9.9mn peak draw recorded, that's 4.5 months. If it has to exceed peak rates as private/working reserves running out bites more than the optimistic numbers I'm using, or if China returns closer to pre-war oil imports, it will run out in 2-3 months. Before it runs out, the maximum draw rate will likely start falling - there are multiple facilities and some are already at or close to operational minimums - which will force demand destruction even before operational minimums.
The operational minimums for commercial crude inventories are estimated at 300-380mn barrels, with current inventories at . Weekly draw rate this week was 7.2mn just for the commercial inventories, and levels were ~400mn barrels. So there's 20-100mn barrels remaining in the commercial inventory. Even moreso than the SPR, this is uneven, and maximum draw rates will decrease as individual storage reaches minimums.
by sudosysgen - No, less than a year, much less. There needs to be a certain level maintained in order to keep pressure and lot of the bottom stuff is unusable because of contaminants - it's like sludge.by mapping365
- The fun part of this is the crack spread doesn't care about the relatively low price that crude is selling for. Refined petroleum is going for eye-watering prices, and will continue to do so for a very long time, even if peace breaks out tomorrow.
Also seems pretty doubtful that oil prices would drop even if the war ended, given that everyone is going to be scrambling to refill their reserves for a very long time. On top of that, a lot of wells have been capped, which is a destructive act, so it'll take years to repair the supply.
The real winners will be everyone who destroyed their own oil demand. I went out and bought an EV in May to replace an ICE vehicle, and the other car in the household hasn't burned through a full tank in the months since. They may have killed the EV subsidies in the US but they just went out and created a huge regressive tax on everyone not driving an EV.
- Will the tradespeople (contractor) crowd turn up in this thread and cheer on the oil companies for making good money, damn any effect on the rest of the economy? ;)by gib444
- > household hasn't burned through a full tank in the months since. They may have killed the EV subsidies in the US but they just went out and created a huge regressive tax on everyone not driving an EV.
Modern fuel blends are usually 10-15% ethanol. Ethanol is an alcohol, and thus is able to absorb ambient water from the air into the gasoline solution. Gasoline stored for a long time will generally increase in water content (if I am not mistaken lol), thus it maybe for future reference, try to avoid ethanol based fuels if possible if you're not gonna be using your ICE car. It's like how people who store their motorcycles or fancy performance cars during the winter leave it without fuel, or add a fuel stabilizer.
- >the other car in the household hasn't burned through a full tank in the months
My gas car was filled in November and has half a tank. EV's are such a better experience and so much cheaper to operate[^1] that most owners don't want to go back to gas.
[1] - dependent on one's access to inexpensive electricity. In the U.S. using DC fast chargers is often more expensive than gasoline.
by klaff - > The real winners will be everyone who destroyed their own oil demand. I went out and bought an EV in May to replace an ICE vehicle, and the other car in the household hasn't burned through a full tank in the months since. They may have killed the EV subsidies in the US but they just went out and created a huge regressive tax on everyone not driving an EV.
LOL, I sold my car and bought an e-bike.
by eli_gottlieb