The US Strategic Petroleum Reserve (SPR) fell to 282.2 million barrels last week, reaching its lowest level since October 1982, according to data from the country's Department of Energy.
The SPR level was lower at the end of the week of October 15, 1982, when the figure was 280.802 million barrels.US Energy Secretary Chris Wright said in March that the United States would release 172 million barrels of crude oil from the emergency stockpiles in a bid to lower surging energy prices.On February 28, the United States and Israel launched strikes on targets in Iran, including in Tehran, causing damage and civilian casualties. Iran responded by striking Israeli territory and US military facilities in the Middle East.Amid the military campaign, shipping through the Strait of Hormuz has nearly come to a halt, while insurers are raising premiums and revising coverage terms.The Strait of Hormuz accounts for 20% of global flows of oil, petroleum products, and LNG.
us, strategic petroleum reserve (spr), department of energy (doe)
© AP Photo / Nam Y. HuhGasoline prices are displayed at a gas station in Vernon Hills, Ill., Friday, April 1, 2022. Analysts say the price of crude oil dropped below $100 million Friday for the first time since Feb. 28 following the president's announcement of plans to release 180 million barrels of crude oil from the Strategic Petroleum Reserve over six months.
WASHINGTON (Sputnik) - The US Strategic Petroleum Reserve (SPR) fell to 282.2 million barrels last week, reaching its lowest level since October 1982, according to data from the country's Department of Energy.
The SPR level was lower at the end of the week of October 15, 1982, when the figure was 280.802 million barrels.
US Energy Secretary Chris Wright said in March that the United States would release 172 million barrels of crude oil from the emergency stockpiles in a bid to lower surging energy prices.
On February 28, the United States and Israel launched strikes on targets in Iran, including in Tehran, causing damage and civilian casualties. Iran responded by striking Israeli territory and US military facilities in the Middle East.
Amid the military campaign, shipping through the Strait of Hormuz has nearly come to a halt, while insurers are raising premiums and revising coverage terms.
The Strait of Hormuz accounts for 20% of global flows of oil, petroleum products, and LNG.
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