US Oil Reserve Hits Historic Low Amid Global Energy Crisis
The US Strategic Petroleum Reserve has reached its lowest level since 1982, with just 286.6 million barrels of oil remaining in storage. This is after a drawdown of over 3 million barrels in one week, according to data from the Department of Energy.
This move comes as the nation struggles with a global energy shortage and rising gasoline prices, which have surpassed $4 per gallon. The largest global oil supply disruption on record has also contributed to inflation and set the stage for November's midterm elections.
The Strategic Petroleum Reserve was established in the early 1970s after the Arab Oil Embargo triggered an energy crisis. It provides an emergency source of oil that can be released when needed, with the goal of protecting the US against a sudden supply crunch.