RUSSIAN OFFENSIVE CAMPAIGN ASSESSMENT, JULY 18, 2023
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Aging infrastructure poses additional challenges. The Gulf Coast salt caverns that make up the reserve were initially designed with a 25-year lifespan. As such, the risk of cavern dissolution increases with each drawdown and refill. Maintenance issues, along with the ballooning costs of the $1.4 billion modernization program, add further strain to the already troubled reserve. Related: As a result, onshore oil inventories estimated at 980 million barrels at the end of June are just 20 million barrels below an all-time record in August 2020. Thus, China’s oil inventories are much larger than that of the U.S. Strategic Petroleum Reserve (SPR) which President Biden depleted to keep gasoline prices in check before the mid-term election last year. The SPR stands at 347 million barrels from a capacity of more than double that amount—the lowest level since 1983.