The US’s strategic oil reserves fell to their lowest level in 37 years last week as the releases ordered by President Joe Biden continued.
Strategic petroleum reserve (SPR) stockpiles fell to 453.1 million barrels in the week to Friday, according to Department of Energy data. That’s the lowest level since January 1985.
Stockpiles have fallen by more than 160 million barrels this year after the White House ordered the release of record amounts of crude oil in an effort to cool sky-high gasoline prices and tamp down on inflation.
