Commodities
US Oil Reserve Hits 44-Year-Low Amid Global Energy Shortage
The US Strategic Petroleum Reserve has reached a 44-year-low of 286.6 million barrels, or about 40% of its overall capacity, according to data from the Department of Energy.
This marks a drop of over 3 million barrels of oil since the week ending August 28, and is the lowest level since 1982.
The global energy shortage and ongoing Iran war have led to a significant increase in US gasoline prices, which now exceed $4 per gallon.