President Joe Biden’s efforts to lower energy prices have reduced the nation’s emergency oil reserves, new data shows.
According to the Department of Energy, inventories in the Strategic Petroleum Reserve (SPR) declined 6.9 million barrels in the week ending June 24.
In total, the world’s largest emergency supply of crude oil stood at 497.9 million barrels, the lowest level since April 1986.
Federal government data show that 6 million barrels of sour crude and nearly 1 million barrels of sweet crude were injected into the energy market during this span.
With the U.S. consuming close to 20 million barrels per day, based on the Energy Information Administration’s (EIA) 2021 estimate, the country maintains 25 days’ worth of supply….