OilPrice.com: U.S. Strategic Petroleum Reserve Falls To 35-Year Low
The United States’ Strategic Petroleum Reserve (SPR) now has only 453.1 million barrels in its inventory, following another significant drop in the past week that puts the emergency reserve at a low not seen in three and a half decades, Reuters reports, citing the Department of Energy.
In the week ending August 19th, the SPR saw another draw of 8.1 million barrels, following smaller releases in the weeks leading up to that.
In March, the Biden administration authorized the release of 1 million bpd from the SPR over a period of six months in a bid to lower oil prices and to potentially boost domestic production through contracts with companies to purchase future oil at fixed prices. The SPR releases are a response to the disruption of global oil markets caused by Russia’s invasion of Ukraine and subsequent Western sanctions that have led to soaring oil and gas prices.
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Update #1: U.S. crude in SPR hits lowest level since January 1985 (Reuters)
Update #2: Oil inventories lowest since ’85 bad omen for winter (FOX News)
WNU Editor: Good thing there's no geopolitical hot spots at the current time that could threaten global energy supplies (sarcasm alert).
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