The U.S. Strategic Petroleum Reserve is near its lowest level in four decades following President Biden's drawdowns as war in the Middle East threatens to disrupt oil supplies.
The Biden administration’s drawdowns of the Strategic Petroleum Reserve , which serves as America’s emergency stockpile of petroleum, and high market prices delaying efforts to replenish it have left the reserve near its lowest level since 1983 as the war in the Middle East that could destabilize global oil supplies. Data from the Energy Information Administration indicates that the SPR had about 351.3 million barrels of oil stockpiled as of the week ending Sept.
The law permits unlimited releases from the SPR following the presidential determination of a severe energy supply disruption or an international energy program-mandated sale. Prior to 2022, there were three emergency SPR releases, for Operation Desert Storm in 1991, Hurricane Katrina in 2005 and oil supply disruptions due to the Libyan civil war in 2011 – which ranged in size from 11 million barrels to 30.6 million barrels according to the Congressional Research Service.
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