US Crude Oil Supplies Plummet to Lowest Levels Since 1983 Amid Hormuz Talks

The United States is experiencing its lowest levels of crude oil supplies since 1983, according to President Donald Trump. This decline comes as international negotiations continue over the potential reopening of the Strait of Hormuz.

Federal data shows that domestic inventory currently sits at approximately 304.8 million barrels. To combat supply disruptions caused by the closure of the Strait and ongoing war with Iran, roughly 108.6 million barrels have been released from the Strategic Petroleum Reserve.

Crude oil accounts for around 50-60% of gasoline prices, which are currently trading at around $78 per barrel. When oil costs exceed $100 per barrel, prices can reach up to $4.20-$4.50 per gallon.

Mark Schieldrop, a spokesperson for AAA Northeast, notes that while the supply drop is significant, it has not reached crisis levels. He points out that oil prices have actually decreased slightly from their recent highs and would be much higher if the situation were more dire.