US Emergency Oil Stockpile Sinks to Lowest Since 1983 Amid Iran Conflict
The US Strategic Petroleum Reserve dropped to its lowest level since 1983 after officials released 8.9 million barrels last week to offset supply risks from the Iran war. Since late February, the reserve has fallen by 75 million barrels and now holds just 340.3 million barrels—under half its capacity. This level undercuts the previous low recorded in July 2023. Authorities warn the SPR must remain at least 20% full to be operational. Industry experts say the releases, combined with other nations’ actions, have prevented oil prices from spiking toward $150 per barrel. Data and analysis referenced from federal reports and financial news outlets.
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