Petroleum figures released this week by the government reflect the impact of the Biden administration’s anti-oil effort since he took office, both across the nation and in the Cushing Hub in northern Oklahoma.
Total petroleum storage, according to the U.S. Energy Information Administration, is down nearly 22% compared to two years ago. As of Dec. 15, 2023, there were 796.2 million barrels in storage across the nation, a gain of 3.5% from a week ago, but also 21.9% less than two years ago when the USEIA reported 1,020 barrels of petroleum in storage.
Cushing’s total petroleum in storage is down nearly 4% compared to two years ago. In 2021, there were 33.7 million barrels at the Cushing Hub but it was down to 32.5 million this past week, a decline of 3.6%
The nation’s Strategic Petroleum Reserve, which the President used to bring down gasoline prices last year stood at 352.5 million barrels on Dec. 15, 2023. It had a gain of 600,000 barrels since Dec. 8 but the SPR remains about 41% below the amount in storage two years ago when it held 596.4 million barrels.
The SPR is still 6.9% below the 375.6 million barrels reported one year ago.