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. 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. 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.

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