The proportion of crude oil in the US strategic oil reserve fell to 450 million barrels, the lowest level since December 1984.
The US strategic oil reserve fell to the lowest level since 1984. According to data from the US Department of Energy, the proportion of crude oil in the US strategic oil reserve decreased by 3.1 million barrels per week as of August 26.
The proportion of crude oil in the country’s strategic oil reserve fell to 450 million barrels, the lowest level since December 1984.
The US administration had implemented various measures to reduce gasoline prices, arguing that the increase in gasoline prices constituted an important part of rising inflation.
In March, US President Joe Biden authorized the release of 1 million barrels a day from the country’s strategic oil reserve within 6 months, totaling over 180 million barrels of oil.
At the end of July, the White House announced that it would sell an additional 20 million barrels of oil from the strategic oil reserve to help lower gasoline prices across the country.
Call to refineries not to increase fuel exports
On the other hand, US Energy Secretary Jennifer Granholm called on oil refineries in the country not to further increase the export of fuels such as gasoline and diesel, US media reported.
Granholm sent a letter to 7 refineries, including Valero, ExxonMobil and Chevron, on August 18, urging them to supply fuel as the country enters the hurricane season.
In the news, it was stated that the Biden administration may take action if sufficient stocks cannot be created in refineries.