US Strategic Petroleum Reserve Falls to 43-Year Low Amid Iran War Fuel Price Concerns
By
Ari Natter
Soggy bottom. Skim the top, leave the rest on the tray.
Summary
The US Strategic Petroleum Reserve has dropped to roughly 340 million barrels, its lowest level since 1983, as the Trump administration releases 172 million barrels to combat rising fuel prices caused by the war in Iran. The reserve was originally created after the Arab oil embargo of the early 1970s.
Key quotes
· 2 pulledThe US's emergency supply of crude oil has fallen to its lowest level since 1983 as the Trump administration moves toward completing its plan to release 172 million barrels to ease surging fuel prices spurred by the war in Iran.
The Strategic Petroleum Reserve, created after the Arab oil embargo of the early 1970s, has dropped to a near-record low of roughly 340 million barrels, according to Energy Department data released Monday.
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