US Oil Reserves Plunge To A 35 Year Low – But Isn’t The Whole Point To Run Out At The End Forcing You To Go Electric?
U.S. crude inventory in the Strategic Petroleum Reserve (SPR) fell by 8.1 million barrels in the latest week to the lowest level in more than 35 years, according to data from the Department of Energy.
Stockpiles in the Strategic Petroleum Reserve (SPR) fell to 453.1 million barrels in the week to Aug. 19, according to the data. The 8.1 million-barrel draw was the largest since the end of April and brought inventory to the lowest level since January 1985.
The large draw comes after a few weeks of smaller releases. An Energy Department spokesperson said the use of an additive to cool crude for transportation had slowed deliveries in recent weeks, adding that deliveries for August are being released according to schedule.