How much crude oil is imported into the US on a daily average?
How much of that is being placed into the Strategic Petroleum Reserve?
I’m trying to get an idea of what effect the oil being placed into the Strategic Petroleum Reserve is having on consumer gasoline prices (if any)?
According to CNN, the latest news is that 150,000 barrels of oil per day are being placed into the Strategic Reserve. This is towards bringing the total from 645 million to 750 million barrels.
As of the week ending 3/19, according to the DoE we are sending 14,608,000 barrels of oil per day to refineries. And 152,000 barrels per day to the Reserve. This corresponds to the CNN figure.
That means that around 1% of our petroleum is going into the Reserve.
Thus, it is extremely unlikely that the oil sent to the SPR is the reason for high prices.
I had a feeling that was the case, but was unable to find a clear set of numbers. Thanks for the data.