The U.S.'s emergency oil reserve has fallen below 300 million barrels of oil for the first time since it was being filled decades ago.
New Energy Department data shows that the Strategic Petroleum Reserve (SPR) contained 298.7 million barrels as of Friday.
The last time the level was below 300 million barrels was in the early 1980s.
The drop is not a surprise, as the Trump administration announced in March that it would release 172 million barrels from the reserve over the course of 120 days.
The U.S.'s war in Iran has put a crunch on global oil supplies because Iran has been able to limit oil shipping through the nearby Strait of Hormuz, a key chokepoint. This has resulted in higher prices for consumers at the pump.
#Iran #department
New Energy Department data shows that the Strategic Petroleum Reserve (SPR) contained 298.7 million barrels as of Friday.
The last time the level was below 300 million barrels was in the early 1980s.
The drop is not a surprise, as the Trump administration announced in March that it would release 172 million barrels from the reserve over the course of 120 days.
The U.S.'s war in Iran has put a crunch on global oil supplies because Iran has been able to limit oil shipping through the nearby Strait of Hormuz, a key chokepoint. This has resulted in higher prices for consumers at the pump.
#Iran #department
3 months ago
