The U.S. Strategic Petroleum Reserve (SPR) has declined to its lowest level since November 1984, according to the latest data from the Energy Information Administration (EIA).
In the week ended Sept. 2, the nation’s emergency crude stockpiles totaled 442.5 million barrels. It has not been this low since late November 1984, when the SPR hovered at around 441 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. The current initiative is scheduled to end next month, but the White House is weighing its options, including extending the program beyond October and possibly refilling reserves….