the Strategic Petroleum Reserve

Trump administration in ‘active dialogue’ on strategic petroleum reserve in California

SANTA BARBARA, California — The Trump administration is in “active dialogue” on creating a petroleum reserve in California, Energy Secretary Chris Wright told POLITICO on Friday, a move that would boost oil infrastructure in the state and undermine Democratic Gov. Gavin Newsom’s bid to shrink the state’s fossil fuel footprint. A June 2 document that lawyers for Sable Offshore Corp., which owns a trio of oil platforms off the California coast, sent to the Energy Department and seen by...

US Strategic Petroleum Reserve Nears a 3-Year Low

Here’s the real story behind the record drop in America’s oil reserves

Here’s the real story behind the record drop in America’s oil reserves Stocks in the nation’s Strategic Petroleum Reserve are near their lowest in more than 40 years — but it may not matter

Trump once slammed Biden for touching US oil reserves, now he's draining it: Report

America is digging deeper into its emergency oil reserves as the fallout from the war with Iran continues to squeeze global energy supplies. Since the conflict began, the US Strategic Petroleum Reserve has lost about 50 million barrels, as the Trump administration seeks to offset supply shortages and ease pressure from rising fuel prices. These withdrawals are dragging down the country's emergency oil stockpile levels towards the lowest levels since 1980s.

Iran war: Oil shortages threaten global energy security

Strategic petroleum reserves are declining rapidly as countries release emergency crude supplies to cushion the economic impact of the Middle East conflict.

Why China is buying less Iranian oil - explained in charts

The Strait of Hormuz, just 29 nautical miles (54 km) wide at narrowest point may be one of the world's most critical oil chokepoints. But as disruptions rattles the waterway, an unexpected trend is emerging, as China which is Iran's biggest oil customer is buying significantly less crude. While Beijing continues to rely on Tehran for discounted oil, weaker domestic demand, refinery cutbacks, record stockpiles and the rapid rise of electric vehicles have reduced its need for fresh imports.

Analysis:Global oil inventories depleted, next price spike could roil economies, markets

Analysis:Global oil inventories depleted, next price spike could roil economies, markets HOUSTON/NEW YORK, June 5 : Global oil inventories are running dangerously low as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive, and industry executives and analysts warn there could be another oil price shock in the coming weeks, severe enough to upset broader financial markets. Some fear the next move higher for oil prices would pose a risk to economic growth, bond...

Keeping India's growth story intact: 5 lessons from Middle East conflict that should not be ignored

Led by a growing domestic demand and a favourable demographic dividend, the Indian economy and its growth story have been called fundamentally strong by economists. But short-term global economic shocks, like the ongoing Middle East conflict, have the potential to temporarily slow the growth story - a fact that cannot be ignored if India hopes to be among the top three world economies in the coming years. In its latest Economy Watch report, EY has pointed out the need for India to ‘recast...

Moody's top economist Mark Zandi says: America has a week to secure peace deal

America has just days to secure a peace agreement with Iran or risk sliding into recession, according to Moody’s chief economist Mark Zandi. According to a report by Business Insider, speaking to Bloomberg, Zandi said that the increase in oil prices triggered by stalled negotiations has pushed the US economy to a critical threshold. Recently, Iran announced that it would halt negotiations and block the Strait of Hormuz until the important demands are met, sending Brent and US crude oil...

Moody's top economist warns of US Recession again; says: Unemployment will rise

Moody’s Analytics chief economist Mark Zandi has once again sounded the alarm over the state of the US economy. According to a report by Business Insider, in his latest newsletter, Zandi warned that while the GDP has increased this year, the pace of growth still remains below potential. “The economy is growing, but at a rate below its potential, so the situation is tenuous,” he wrote.