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

182 points · 234 comments · thelastgallon

  1. thelastgallon · · 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:&#x2F;&#x2F;www.nytimes.com&#x2F;2026&#x2F;09&#x2F;17&#x2F;business&#x2F;energy-environment&#x2F;china-oil-iran-war.html" rel="nofollow">https:&#x2F;&#x2F;www.nytimes.com&#x2F;2026&#x2F;09&#x2F;17&#x2F;business&#x2F;energy-environme...

    <a href="https:&#x2F;&#x2F;oilprice.com&#x2F;Energy&#x2F;Coal&#x2F;Chinas-Renewable-Boom-Masks-a-Quiet-Coal-to-Liquids-Expansion.html" rel="nofollow">https:&#x2F;&#x2F;oilprice.com&#x2F;Energy&#x2F;Coal&#x2F;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:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=49238158">https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=49238158

    1. seizethecheese · · 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 · · focus · HN ↗
        Thats the Economist&#x27;s title on the article.
        1. seizethecheese · · 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.
          1. adrian_b · · focus · HN ↗
            That article argued correctly that the World&#x27;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.

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