Bud's Offshore Energy (BOE)

For the first time in 71 weeks the Strategic Petroleum Reserve has not declined. DOE reports that the SPR was unchanged during the week ending 1/20/2023. The reserve remains at 371.6 million bbls, about 51% of capacity.

Bob McNally, founder and president of the consulting firm Rapidan Energy Group, said any effect on pump prices has been modest.

“Pump prices are largely driven by global crude oil prices,” McNally said in an email. “SPR releases have at most temporary and small impacts on global crude oil prices. Therefore the SPR is a bad tool for trying to manage pump prices.”

Washington Post