4.5 million barrels of crude oil has been released from the Strategic Petroleum Reserve because of logistical reasons. At least two refineries cannot get to the oil they need. This is a logistical issue not an overall shortage of oil. However, we should see a big decline in commercial oil storage levels over the next few weeks because imports cannot get through hurricanes and deliver to ports that are closed.
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Other countries depend on a steady flow of refined product exports from the U.S. We could see shortages of fuel in Europe and South America.
4.5 MMBbls of oil from the SPR
4.5 MMBbls of oil from the SPR
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group