SAEDNEWS: US strategic crude oil reserves fell by 5.3 million barrels last week to 293.4 million barrels, their lowest level since December 1982, as gasoline prices remain elevated.
According to SaedNews: Data from the US Energy Information Administration shows that the country’s Strategic Petroleum Reserve (SPR) declined by 5.3 million barrels last week, reaching 293.4 million barrels—the lowest inventory level since December 1982.
The drawdown comes as gasoline prices remain high. According to the American Automobile Association (AAA), the national average reached $4.06 per gallon on Monday, marking the highest gasoline price recorded so far in mid-August.
The strategic crude stockpile had already fallen earlier this summer to its lowest level since the early 1980s, below levels seen during the Biden administration. The reserve was first established during the Reagan presidency.
With the SPR now significantly depleted, the United States has less capacity to influence oil markets. In the event of disruptions that threaten supply, the reduced reserve could also limit Washington’s ability to prevent a sharp rise in oil prices.
