U.S. oil stockpile falls to 43-year low
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The U.S. oil stockpile is at its lowest level since July 1983, when the country was still just building up its energy supply.
Why it matters: The stockpile, called the U.S. Strategic Petroleum Reserve, played a critical role in keeping a lid on oil and gasoline prices in the Iran war, but it's running low.
Zoom in: Supply ran down through four big oil drawdowns: in March (0.4 million barrels), April (20.3), May (39.4) and so far this month (15.1), according to federal data released Monday.
By the numbers: The U.S. now has 340.3 million barrels in the stockpile — surpassing the low levels reached during the Biden administration.
- The previous administration drew criticism when it drew down the reserves to help keep oil prices lower after the Russian invasion of Ukraine.
Friction point: Congress mandates a minimum SPR level of 252.4 million barrels, but the president has authority to go below that point in instances of emergency.
- The SPR needs to keep about 150 million barrels in place to maintain operational flexibility.
Between the lines: President Trump criticized former President Biden for draining the petroleum reserve — he's now run it down further.
