The Plumbing of the U.S. Petroleum Balance

Oil is the most literal plumbing there is — actual pipes and tanks. Crude flows in from domestic wells and imports, through refineries that crack it into gasoline, distillate, and jet, then out to consumption and exports. Inventories are the buffer tanks. Color identifies each product; the values on every node carry the magnitudes. The 2026 story sits in the SPR — actively draining into a supply shock.

Crude oil Gasoline Distillate Jet & other SPR drawdown color identifies each product · values on every node ↗ World oil chokepoints

Crude supply · in

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prod + imports

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Refinery inputs

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— utilization

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Product demand

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product supplied

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SPR level

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▼ drawing down

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SOURCE · U.S. Energy Information Administration, Weekly Petroleum Status Report (Table 1, U.S. Petroleum Balance Sheet). Flows in million barrels/day (4-week or weekly avg); stocks in million barrels. "Jet & Other" is a computed residual of refinery output. SPR drawdown reflects the coordinated IEA release. Figures rounded; balance is approximate due to processing gain, adjustments, and minor product lines.

SECOND·ORDER·EDGE

The Plumbing of theU.S. petroleum balance

The Plumbing of the
U.S. petroleum balance