In August 2024, candidate Donald Trump told a rally crowd that Joe Biden was "using the strategic reserves, which is meant for military, which is meant for war," and pledged that "We have to fill up the strategic reserves immediately." Two years later, with the United States locked in a protracted conflict with Iran, the Strategic Petroleum Reserve is doing the opposite of filling up. According to figures circulated by Geiger Capital and Hedgeye, the SPR has fallen roughly 25% in recent months and now sits at its lowest level in about 43 years, covering an estimated 16 days of...