US Strategic Oil Reserves Declining; 38-year Low

The proportion of crude oil in the United States' strategic petroleum reserve fell. Reserves fell to 450 million barrels, the lowest level since December 1984.

In light of the data released by the US Department of Energy, the proportion of crude oil in the US strategic oil reserve decreased by 3.1 million barrels per week as of August 26. The proportion of crude oil in the US strategic oil reserve fell to 450 million barrels, the lowest level since December 1984. The US administration had taken various measures to reduce gasoline prices, arguing that the increase in gasoline prices constituted an important part of rising inflation. In March, US President Joe Biden authorized the release of 1 million barrels of oil per day from the country's strategic oil reserve within 6 months and over 180 million barrels of oil in total. At the end of July, the White House announced that it would sell an additional 20 million barrels of oil from the strategic oil reserve to help lower gasoline prices across the country. In addition, US media reports stated that US Energy Secretary Jennifer Granholm called on oil refineries in the country not to further increase exports of fuels such as gasoline and diesel. Granholm sent a letter to 7 refineries, including Valero, ExxonMobil and Chevron, on August 18, calling on these refineries to supply fuel as the country enters the hurricane season. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!