US Crude Reserves Just Dropped Another 7.9 Million Barrels In One Week

Added: 2026-05-27

[00:00:00]According to the Energy Information Administration, the crude oil sitting in US storage dropped by another 7.9 million barrels over the week that ended May 15th.

[00:00:10]It matters because that crude is what refineries have been running on. With Persian Gulf exports halted since early March, US refineries have stayed at full capacity by drawing feedstock [music] from the Strategic Petroleum Reserve, the nation's emergency stockpile.

[00:00:26]>> [music] >> Now the reserve is visibly shrinking by nearly 8 million barrels in just 7 days.

[00:00:31]Even at full capacity, gasoline inventories have not kept up. Stocks have now fallen for a 14th [music] consecutive week. The pressure is showing in prices.

[00:00:41]Wholesale gasoline futures touched a 4-year high of $3.75 [music] on May 18th, more than doubling since January.

[00:00:50]The national retail average now sits [music] at $4.62 a gallon, and the underlying supply situation remains unresolved.