With oil and gas rising, at least the US has improved on supply and demand to limit any damage

As gas prices have consistently risen in the last two months (some of it being seasonal, but some of it beyond seasonal), I've been keeping an eye on the oil markets to see where things may be going with this. And I can't say that this week's headlines are making me feel good.

Oil prices rose to multi-month highs for the second straight session on Tuesday as traders assessed how Ukraine's recent attacks on Russian refineries would affect global petroleum supplies.

U.S. West Texas Intermediate crude futures gained 75 cents, or 0.9%, to settle at $83.47 a barrel, the highest since Oct. 27. Global benchmark Brent crude settled 0.6% higher at $87.38 a barrel, the highest since Oct. 31.

The article goes on to say that that the attacks may reduce Russian gas output by 350,000 barrels a day, but since we're not really buying Russian stuff as it is, should it jack up availability of oil or gas in the US?

Yes, I know "world price" and everything, but I also want to look at the supply and demand situation here in the US, to see if we can adjust to these price rises, and to see if we've already made adjustments in the face of 2022's gas price gouging increase.

At the same time, I noticed that the last data we have goes through the 2nd week in March, and in 2020, that was the last full week before much of America began to shut down due to COVID restrictions. So let's do two things at once, and see how much gasoline was available and being used before the we went into pandemic mode, and how much we have today.

Even with gas usage going up in early 2024, consumption is still significantly lower than the peak usage that we were seeing in early 2020, despite more Americans working now than then.

In addition, despite some suspiciously-timed refinery shutdowns in our country the first quarter of 2024, gasoline is more plentiful in America now than in most of the last 10 Marches.

But yet we see Wall Street continuing to bet up oil and gasoline futures, which likely means that pump prices will go higher in the next couple of months. Which likely means an annoying INFLATION WATCH combined will continue through early Summer.

Because people are already likely to be unhappy about gas prices through the Spring, they may misdirect their rightful anger at a President and Democratic Party who will be facing the voters in 7 1/2 months. But it does seem that the White House is in an improved position to step in and bulk up our already-sizable supply of oil and gasoline.

U.S. crude oil stockpiles in the Strategic Petroleum Reserve (SPR) at year-end will be at or exceeding the level prior to a massive 180 million barrel sale two years ago, U.S. Energy Secretary Jennifer Granholm said on Monday.

The U.S. is replenishing the SPR, after President Joe Biden's administration announced a sale of 180 million barrels of oil over six months from the reserve, the largest ever SPR sale, in an attempt to lower gasoline prices after Russia invaded Ukraine.

While the Department of Energy only expects to replenish by the end of this year about 40 million barrels since the 180 million sale, another 140 million barrels that would have been drained from 2024-2027 will stay in the SPR due to the cancellation in 2022 of congressionally mandated sales.

I would add that the Biden Administration needs to be ready for any future sabotage by overseas countries (Saudi Arabia didn't pay Jared Kushner all that money for nothing), and supply manipulation by oil companies at home. The White House needs to get and stay ahead of the curve on this, and show the public you're going to take action to limit gas price increases at home. Both in putting more oil onto the market (to increase supply and cool off speculation) and in warning the American people about any attempts for manipulation from oil oligarchs at home and abroad.