The MAGA crowd is happier today than yesterday. Why? Because Trump continues to brag about the Iran peace plan supposed to be signed on Friday. Iran is still saying the plan is not complete without the removal of Israeli troops from Lebanon. I, more than anyone, hope the peace plan is signed and other issues can begin to be addressed between the USA and Iran, but, even if the peace plan takes hold and the Persian Gulf is again open to ship traffic the processing of any petroleum products will not take effect immediately. If there is a fall in price it is Wall Street adding impetus to Trump's plans for peace.
The real concern today and beyond is the depletion of the USA Strategic Petroleum Reserve for the purpose of politics. This is worrisome and should not be considered a minor issue especially with Hegseth carrying on with the military as he does.
June 16, 2026
After weeks in the doldrums, (click here) Donald Trump's job approval rebounded in this week's Economist / YouGov Poll to its highest level in three months — though he remains unpopular. 39% of U.S. adult citizens strongly or somewhat approve of Trump's job performance, and 56% disapprove, for a net job approval of -17. Last week, 35% approved and 60% disapproved for a net approval of -25....
By Matt Egan
The amount of oil (click here) in the US Strategic Petroleum Reserve plunged last week to the lowest level since 1983 as the Trump administration continues to deploy emergency oil to minimize the damage from the war with Iran.
According to federal data released Monday, US officials released another 8.9 million barrels from the SPR last week alone.
That leaves the US emergency oil reserve with 340.3 million barrels of crude, taking out the prior low set in July 2023 under President Joe Biden after Russia invaded Ukraine.
The last time the SPR had less oil than today was July 1983, when the Reagan administration was filling the reserve for the first time and when the United States had a smaller economy....
The amount of oil (click here) in the US Strategic Petroleum Reserve plunged last week to the lowest level since 1983 as the Trump administration continues to deploy emergency oil to minimize the damage from the war with Iran.
According to federal data released Monday, US officials released another 8.9 million barrels from the SPR last week alone.
That leaves the US emergency oil reserve with 340.3 million barrels of crude, taking out the prior low set in July 2023 under President Joe Biden after Russia invaded Ukraine.
The last time the SPR had less oil than today was July 1983, when the Reagan administration was filling the reserve for the first time and when the United States had a smaller economy....
