After the Strait of Hormuz closed, China slashed its oil imports, seemingly without reducing energy demand or tapping into reserves. How China is doing it — and why — remains a mystery.
Countries that have their own refineries and reserves, and that can afford to pay, are facing high oil and gas prices but not shortages. Other countries can't get what they need and are rationing fuel.
The Strategic Petroleum Reserve was established to protect the economy from an embargo. But just the threat of releasing oil into the market can rein in speculation in oil futures, too.
The United States has the most crude oil stashed away and ready-to-go of any nation on earth in its Strategic Petroleum Reserve. But you can't see the oil. It's underground in salt domes.
Hurricane Isaac is battering the Gulf, which means a huge chunk of American oil drilling and refining is off line. There’s talk of America tapping into the Strategic Petroleum Reserve.
