The US continues to dump its Strategic Petroleum Reserve like there is no tomorrow.The government is now down to 33 days worth of oil supply at its current implied demand.That is one of its lowest levels in history. pic.twitter.com/IZ4XNoJl77— Otavio (Tavi) Costa (@TaviCosta) March 17, 2022
Right, and obviously the consequence is that if there are further interruptions to oil supply, there would be a risk of some significant shit (perhaps even serious shit, but probably excessively high fuel prices which is bad enough) since the reserves would be gone, but it's not the same as "society will collapse in 34 days"
Also the "34 day clock" only starts ticking if oil imports dropped to exactly 0. It could possibly be emptied out faster than that, and a scenario where imports drop to exactly 0 instead of dropping somewhat means you have bigger issues on your plate than $20/gallon gas.
Right, and obviously the consequence is that if there are further interruptions to oil supply, there would be a risk of some significant shit (perhaps even serious shit, but probably excessively high fuel prices which is bad enough) since the reserves would be gone, but it's not the same as "society will collapse in 34 days"
Also the "34 day clock" only starts ticking if oil imports dropped to exactly 0. It could possibly be emptied out faster than that, and a scenario where imports drop to exactly 0 instead of dropping somewhat means you have bigger issues on your plate than $20/gallon gas.
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tis true
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