Today: Saturday, 10 December 2022 year

US strategic oil reserve falls to lowest level since 1984

US strategic oil reserve falls to lowest level since 1984

The volume of the US strategic oil reserve is 427 million barrels as of September 16. This is the lowest level since 1984.

For the first time since 1983, the amount of the reserve is less than commercial reserves.

The reduction in the reserve is due to interventions that are carried out by decision of President Joe Biden from the spring of 2022. In total, 155 million barrels of oil have already been sold. The head of state authorized the sale of a total of 180 million barrels. On average, the US government sold 900 thousand barrels of oil per day – this is almost 1% of global demand. As noted by the WSJ, the price of fuel in the US fell from $5.03 per gallon to $3.66 in three months.

Mr. Biden earlier today, September 24, instructed his economic team to put pressure on the energy industry. He wants the fall in world oil prices to be reflected in the cost of fuel in the country.