Saturday, July 5, 2025

Latest

US Continues To Deplete Strategic Petroleum Reserves, Now At A Record 38-Year Low

Continuing on with its plan of releasing 1 million barrels per day, the United States has seen its Strategic Petroleum Reserve fall below 450 million barrels–its lowest level in 38 years.

Based on the latest data from the US Energy Information Administration, the country’s reserves were at around 434.1 million barrels for the week ended September 9. Coming from the previous week’s reserve volume, the weekly drop suggests the US released 8.4 million barrels during the week–the country’s steepest draw in recent history.

The last time the reserves were below the 450-million-barrel mark was in December 1984.

The decline is relatively fast given that the US reserves just fell below the 500-million-barrel mark at the end of June 2022.

In March 2022, US President Joe Biden announced the plan to release oil resources from reserves at 1 million barrels per day, expected to last for six months. The move, set to end next month, is expected to taper down rising local oil prices as the country stands in a global skirmish on energy resources with Russia.

Energy Secretary Jennifer Granholm said the Biden administration is still weighing the need to extend the program after the initial six-month timeline. A spokesman from the department said that the White House was not considering new releases from the reserves beyond the 1-million-barrel-per-day program.


Information for this briefing was found via EIA and Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Torex Gold Acquires Reyna Silver For CASH!

Dundee Acquires Adriatic Metals: The Balkan Growth Strategy

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

OPEC+ Announces Surprise Oil Production Cut Exceeding 1 Million Barrels a Day

OPEC+ has made a surprising announcement of an oil production cut exceeding 1 million barrels...

Sunday, April 2, 2023, 11:44:50 AM

Jerome Powell’s Public Confidence At All-Time Low

According to a new Gallup poll, Jerome Powell, the Chairman of the Federal Reserve that...

Tuesday, May 9, 2023, 12:34:00 PM

The Lettuce Wins Again, Outlasts Biden Campaign

President Joe Biden’s re-election campaign has come to an abrupt, but not unexpected end, falling...

Monday, July 22, 2024, 03:00:00 PM

Will Oil Bottom Soon? Prices Continue To Hit Lows

Oil futures are on track to reach the lowest prices on record since the start...

Tuesday, November 29, 2022, 12:41:00 PM

OPEC+ Agrees To Production Cuts of 9.7 Million BPD

It appears that oil production cuts have finally been agreed upon, with OPEC+ members agreeing...

Sunday, April 12, 2020, 02:16:37 PM