The U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983 as America draws down its crude oil holdings amid the ongoing war with Iran.
The U.S. crude oil stockpile declined to 316.5 million barrels during the week ended July 10, down three million barrels from the week before.
The depletion comes as the U.S. Energy Information Administration (EIA) continues its 172-million-barrel emergency release as the U.S. war with Iran rages on.
The Strategic Petroleum Reserve is now at its lowest level in more than 40 years, when the reserve held 270.5 million barrels of crude oil.
The drawdown stems from a coordinated release announced by U.S. President Donald Trump to counter supply losses from the Iran war that began on Feb. 28.
The U.S. oil reserve has now shed close to 99 million barrels of crude since early March, when it stood at 415 million barrels.
At its current level of 316.5 million barrels of crude oil, the Strategic Petroleum Reserve remains above its minimum requirement of 252.4 million barrels, which triggers limited drawdowns under the Energy Policy and Conservation Act.
Even with the drawdown from the oil reserve, gasoline prices in the U.S. are once again rising and near $4 U.S. per gallon.
West Texas Intermediate (WTI) crude oil, the American standard, is trading at $80 U.S. a barrel on July 16.
