Last month leading member nations of International Energy Agency decided to release 60 million barrels of strategic reserves, half of which came out of U.S. stockpiles. Retail gas prices (NYSE:UGA) slumped as a result, and crude prices dipped lower for a short time, though are now trading back at higher levels than they were before the IEA decision.
Here’s a detailed look at the make-up of global petroleum reserves, and some information on how the strategic release process plays out. As you can see below, the US is the global leader in oil (NYSE:USO) reserves by a wide margin, providing the country with a sizable safety net in the event of an energy (NYSE:XLE)crisis. There are 42 gallons in a standard barrel of oil. 1.7 million barrels are consumed daily by the global marketplace.