America's Oil Safety Net Is Running Out, Giving China More Influence Over U.S. Gas Prices

A U.S. intelligence analysis concluded that China taking advantage of the war in Iran to gain an edge over the U.S. in a range of areas, including the military, the economy and the diplomatic field. (Credit: Getty Images)

KEY POINTS

• America's Strategic Petroleum Reserve has fallen to its lowest level since 1983, limiting Washington's ability to stabilize oil markets.
• Beijing's temporary buying strike and inventory drawdowns acted as the primary damper on global oil prices.