Thread

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

182 points · 234 comments · thelastgallon

brightball · 1790651317 · focus · HN ↗
Chart of strategic reserve levels since 1982, for context
<a href="https://en.macromicro.me/charts/41674/us-strategic-petroleum-reserve" rel="nofollow">https://en.macromicro.me/charts/41674/us-strategic-petroleum...
1. pstuart · 1790653268 · focus · HN ↗
  It looks like it started to plummet in April 2022, which was on Biden's watch (disclaimer: I voted for him). It apparently was in response to supply chain shocks spiking oil prices due to the start of the war in Ukraine.
  Having the AI summarize the pros and cons of that action has valid points on both sides. But in his defense, that particular war was not of our doing, unlike the current war with Iran which was initiated impulsively.
  1. fsckboy · 1790657499 · focus · HN ↗
    >It looks like it started to plummet in April 2022, which was on Biden's watch. It apparently was in response to supply chain shocks spiking oil prices due to the start of the war in Ukraine.
    it wasn't simply supply chain shocks, it was supply chain shocks in a time of rampant inflation caused by the endless stimulus checks and programs after Covid.
    Supply chain shocks cause "legitimate" price increases, it's not "too many dollars chasing too few goods", rather the value of each dollar simply doesn't stretch as far any more, and while trying to hold the line on prices is a fool's errand, trying to make that case to the public in a time of rampant inflation is not going to succeed either

Open on Hacker News to reply ↗

Unofficial Hacker News client; not affiliated with Y Combinator.