RT.com
24 Sep 2022, 19:13 GMT+10
The stockpile has been gradually shrinking due to Washington's attempts to stabilize gasoline prices
US strategic petroleum reserves (SPRs) have shrunk to their lowest level in nearly 40 years, the Wall Street Journal has reported, citing weekly data from the Energy Information Administration (EIA).
Crude oil inventories declined by nearly 7 million barrels in the week to September 16, falling to 427.2 million barrels - the lowest since 1984, the WSJ said. According to the report, this is the first time the SPR has held less oil than commercial storage since 1983. As of September 16, there were 430.8 million barrels of oil in commercial storage facilities.
President Joe Biden announced that a record 180 million barrels of crude oil would be released from the SPR in late March, in an attempt to combat rising fuel prices and market disruptions caused in part by the uncertainty regarding Russian oil exports to the global market amid the conflict in Ukraine.
Under the plan, the US is to sell around 1 million barrels of oil per day over the course of six months. According to analysts, this volume is more than three times higher than any previous release from the SPR. Official data shows that about 155 million barrels have been released from the SPR so far this year, with 10 million more to be tapped in November.
According to a recent analysis from the US Treasury, the SPR releases this year, along with coordinated releases from international partners which Washington insisted on earlier this year, have reduced gasoline prices in the country by around 40 cents per gallon compared to what they would have been without tapping the reserves.
Retail gasoline prices in the US have been gradually dropping for more than 13 consecutive weeks since June 2022, data from the American Automobile Association (AAA) shows. However, earlier this week, the national average reversed course, reportedly due to maintenance work at several US refineries.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of San Diego Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Diego Sun.
More InformationSAN FRANCISCO, California: Just weeks after California banned its self-driving vehicles from public roads after an accident last month, Cruise, ...
(Photo credit: Wendell Cruz-USA TODAY Sports) The Phoenix Suns may be without star guard Devin Booker when they attempt to ...
Jeddah (Saudi Arabia), December 1 (ANI): The ongoing third edition of the Red Sea Film Festival has turned out to ...
(Photo credit: Alonzo Adams-USA TODAY Sports) Shai Gilgeous-Alexander scored 33 points to lead the host Oklahoma City Thunder to a ...
(Photo credit: Vincent Carchietta-USA TODAY Sports) Jalen Brunson scored 42 points, Julius Randle finished with 29 points, 10 rebounds and ...
(Photo credit: Bob DeChiara-USA TODAY Sports) Jeremy Swayman produced a 26-save shutout and the Boston Bruins scored twice in the ...
NEW YORK, New York - The Dow Jones index was the standout on U.S. financial markets on Thursday with a ...
WASHINGTON D.C.: Despite the ongoing economic uncertainty, major discounts during the Thanksgiving weekend enticed U.S. shoppers, who spent some US$38 ...
BANGKOK, Thailand: This week, Thailand's Deputy Finance Minister Krisada Chinavicharana said after a weaker-than-expected third quarter, the country will downgrade ...
BEIJING, China: The country's commerce ministry said that during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Ho ...
NEW YORK, New York - Retreating bond yields and a higher-then-expected GDP reading for the third quarter boosted U.S. stocks ...
WASHINGTON D.C.: President Joe Biden invoked a Cold War-era act this week to boost investment in U.S. manufacturing of medicines ...