US Emergency Crude Stockpile Falls to Lowest in 37 Years

The U.S. Strategic Petroleum Reserve (SPR) held about 618 million barrels last September and its stocks have declined due to sales from congressional mandates and Biden’s price initiative.

Arathy Somasekhar, Reuters

The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy (DOE) on Aug. 1.

Crude held in the Strategic Petroleum Reserve (SPR) dropped to 469.9 million barrels for the week ended July 29, according to DOE data, in the smallest weekly withdrawal since May.

U.S. President Joe Biden in March set a plan to release 1 million bbl/d over six months from the SPR to tackle high fuel prices contributing to soaring inflation.

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