The U.S. Strategic Petroleum Reserve (SPR) has declined to its lowest level in 38 years, according to the latest data from the Energy Information Administration (EIA).
In the week ended Sept. 9, the nation’s emergency crude stockpile totaled 434.05 million barrels. It hasn’t been that low since early November 1984, when the SPR hovered at around 436 million barrels.
The recent withdrawal was also the sharpest since May, as it included 6.3 million barrels of sweet crude and roughly 2 million barrels of sour crude.
In March, President Joe Biden unveiled a plan to release 1 million barrels per day (bpd) from the SPR over six months to lower energy prices. While the current initiative is scheduled to end next month, the White House is weighing its options, including extending the program beyond October and possibly refilling reserves. Read more…