Just how much oil does the US have in inventories?

The American Petroleum Institute says inventories at all time highs

In 85 years of records, the US has never had more in storage. The API estimates 488.6 million barrels of oil in storage. That's not even counting the government's Strategic Petroleum Reserve, which is another 700 million barrels.

At the same time, the API says US petroleum demand was up 1.2% y/y in November to 19.6 million barrels.

Without producing or importing a single barrel of oil, the US could go 60 days at full bore. If you include the 9 million barrels per day of domestic production, that doubles. Add in another 7 million barrels per day from Canada and Mexico and the ability to ramp up shale production and North America could easily stretch it to a year.

That's a lot of oil. Private inventories are almost maxed out and the US GAO and DOE have both recommended shrinking the SPR.

The world is awash in oil and that's a big reason we're at long-term lows today.