US Oil Reserve Hits Record Low as Conflict Rages On

The US Strategic Petroleum Reserve has only 43 days of crude oil supply left, its lowest level since the 1980s. This is according to Bank of America Global Research data compiled by Bloomberg and cited by The Associated Press.

Associate Professor of Instruction of Economics at the University of South Florida, Michael Snipes, warns that 'once it's gone, it's gone.' He compared the reserve to a finite rainy-day fund, saying that it's nice to have but can't be replenished once depleted.

The administration has been tapping into the reserve since March to offset shortages caused by the conflict in the Middle East. President Trump criticized oil companies for posting profits during this time, demanding they slash retail fuel prices.