EIA shows lowest level of SPR reserves in 38 years

According to the U.S. Energy Information Administration (EIA), crude oil inventories fell by 1.6 million barrels last week to 390.5 million barrels, the lowest level since March 1984.

The decline in SPR crude oil inventories is due to U.S. President Joe Biden’s announcement that he would drain 180 million barrels of oil from the SPR between May and October to stem the rise in domestic oil prices.

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