Thread

U.S. Strategic Petroleum Reserve Falls to Lowest Level Since 1982

182 points · 234 comments · thelastgallon

thelastgallon · 1790653410 · focus · HN ↗
Global oil prices haven't skyrocketed so far thanks to China inverting the OPEC strategy of keeping prices up by destroying supply.
China stopped/reduced buying, used their large reserves, EVs and now accelerating EV trucks. And also coal to liquids.
Eventually, China may have to start buying and thats when the fun begins.
<a href="https://www.nytimes.com/2026/09/17/business/energy-environment/china-oil-iran-war.html" rel="nofollow">https://www.nytimes.com/2026/09/17/business/energy-environme...
<a href="https://oilprice.com/Energy/Coal/Chinas-Renewable-Boom-Masks-a-Quiet-Coal-to-Liquids-Expansion.html" rel="nofollow">https://oilprice.com/Energy/Coal/Chinas-Renewable-Boom-Masks...
China is now the world’s great oil power. Forget OPEC. The Chinese Communist Party calls the shots. <a href="https://news.ycombinator.com/item?id=49238158">https://news.ycombinator.com/item?id=49238158
1. seizethecheese · 1790654591 · focus · HN ↗
  I was following until “China is now the world’s great oil power.” China imports a massive amount of oil and it’s at an all time high.
  1. thelastgallon · 1790654984 · focus · HN ↗
    Thats the Economist's title on the article.
    seizethecheese · 1790655187 · focus · HN ↗
    What Economist’s title? You mean the nytimes article? If so the comment here implies they are the oil power because they are shifting energy demands while the truth is that it’s because they are the largest buyer.
    adrian_b · 1790680478 · focus · HN ↗
    That article argued correctly that the World's greatest oil power is the one that has the greatest control upon oil price.
    For now, that is China due to both high consumption and huge facilities for oil storage. They maintained a relatively low oil price until now, but they could rise the price of oil at any time.
2. tharmas · 1790654828 · focus · HN ↗
  Essentially the Iran war is to control (i.e. reduce) oil going to China. As long as the straight of hormuz being closed restricts oil being sold/sent to China, tRump doesn't give a damn about other shortages as a result of the closure such as fertilizer which will see food skyrocket in price and many people starve.
  1. pstuart · 1790655050 · focus · HN ↗
    The Iran War was predicated on a manufactured threat of them getting nuclear weapons. That's been the line for some time.
    All reports about the initiation of the war was that Bibi wanted it and manipulated Trump to join in (against the advice of all of those around him warning that the very problem we have now would in fact occur).
    bawolff · 1790659337 · focus · HN ↗
    > The Iran War was predicated on a manufactured threat of them getting nuclear weapons
    its not entirely manufactured. The IAEA report was pretty clear they were violating the rules. It was almost certainly the most damning report the IAEA has ever made in their entire history.
    But yes, the real reason for the war, is that the protests made Iran look weak, so they thought they had a limited-time opportunity to deal with a long term adversary. Iran's proxy strategy threatening US interests in the regions almost certainly had just as much to do with it as the nuclear issue.
  2. csomar · 1790681909 · focus · HN ↗
    They would have recharged the reserves if that was really the reason and they would have readied themselves to the upcoming closure. They didn't expect the strait to be closed and got caught with their pants way down. Using the SPR is just another sign of how incompetent and out of options they are. It was already on a low level when the war started due to the previous withdrawals from the Russian war.
  3. ZeroGravitas · 1790682657 · focus · HN ↗
    You seem to basically understand that Trump is a chaotic fool yet you've still bought into the 4D chess explanation for this war.
    Ignoring the reality that he let himself be talked into the Iran war by Israel, over strong US military objections. And suggesting instead he's secretly starting a war with China by cutting off oil to the entire far east.
    A move which has only strengthened Chinas power in the region.
    It's recursively stupid all the way down.
3. excannuk · 1790655480 · focus · HN ↗
  [dead]

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