Trump promised to refill America's emergency oil reserve. Instead, it just saw its largest weekly drain in history.

[Yo_Mama_Been_Loggin]

The Strategic Petroleum Reserve just posted what may be its largest single-week drawdown on record. Roughly 10 million barrels came out of the SPR in one week, leaving the total stockpile under 375 million barrels

That number lands awkwardly. President Trump campaigned on refilling the reserve after the heavy Biden-era sales of 2022 and 2023. Five months into his second term, the tank is moving the other way, and fast.

Why the Reserve Is Shrinking Again
West Texas Intermediate closed at $101.56 a barrel on May 11, after spiking to $114.58 on April 7, the acute phase of the Iran conflict that has rattled tanker traffic through the Strait of Hormuz. A year ago, WTI was trading in the high $50s to mid $70s.

The oil ETF tells the same story in plain English. United States Oil Fund (NYSEARCA:USO) is up roughly 32% in the past month and 121% year to date. When crude is this elevated, the government has two choices: pay top dollar to buy barrels for the reserve, or quietly let some out the back door to soften domestic prices and shore up allies. This week, it chose the second.

https://www.msn.com/en-us/money/markets/trump-promised-to-refill-america-s-emergency-oil-reserve-instead-it-just-saw-its-largest-weekly-drain-in-history/ar-AA23FznH

[Walleye]

1. When Joe Biden released oil from the SPRO

It was sold for $100 a barrel. And when he bought it back, it was $70 a barrel too bad we haven’t got a businessman in charge now.

[dalton99a]

2. +1

[AZJonnie]

4. And I'd suspect Trump is doing the same

Or, at least, expects to

[Walleye]

6. As long as he keeps fucking around and bombing, I don'think the price of oil is gonna come down substantially

[AZJonnie]

3. I suspect the reason the author is giving is mostly BS

"quietly let some out the back door to soften domestic prices and shore up allies"

It's likely not being sold "out the back door" to "soften domestic prices" it's being sold the highest bidders on the WORLD market, at the EXPENSE of the US public. This is why the US, just a couple weeks ago, became net-exporters of crude for the first time since the 1970's. Trump is selling off our reserves because now is a profitable time to sell it off, i.e. the actual goal is almost surely "profit taking".

Unless the article contains proof that domestic refineries are being sold crude from the Reserve at a discount (the only way I know of that the impact on US consumer prices would be downward), I question the assertion that the regime's goal was to "soften domestic prices". My guess would be that it's, at best, a small side-effect.

[Hey Joe]

5. You mean after Trump promised!!

It didn’t actually happen!!
Oh my God!! I’m crushed!!
Just blown away that his bullshit promise didn’t come true!!!🫣😔😞
What ever will we do??!!!