Things are really about to hit the fan. The world has been surviving off of strategic petroleum reserves, but those are quickly hitting the bottom. The US last reported at 285M barrels[0]. There is a legal floor of ~250M, after which it is reserved for government national defense. Usage has been all over the place, but the drawdown has been somewhere in the region of 1M barrels per day. Public analyses have said that…
> There is a legal floor of ~250M, after which it is reserved for government national defense. There is no "government national defense floor". As far as I can tell, this originates from someone misreading the SPR drawdown laws and then a bunch of people parroting it. The ~250M "floor" (really 252.4M) only applies for SPR drawdowns that aren't required by a severe energy supply interruption or to meet US obligations…
What's the outlook for the other major economies?