US Oil Reserves Plummet to Two-Week Low Amid Rising Demand

The Strategic Petroleum Reserve (SPR) in the United States has reached its lowest level since 1982, according to data from the Energy Information Agency. The SPR currently holds 307.65 million barrels of oil, which is equivalent to just 14.8 days' worth of total US product supplied at a rate of 20.75 million barrels per day.

This is a concern because demand for oil is rising while supplies are dwindling. In the past, the SPR has been used to hold down the price of gasoline at the pump, but now it seems that reserves may not be enough to meet increasing demand.

The situation has been exacerbated by the ongoing conflict with Iran, which has led to a surge in oil prices and put additional pressure on already strained supplies. The US military has been drawing down its own stockpiles of oil, further reducing the SPR's capacity.