U.S. Strategic Oil Reserves Near 40-Year Low

Objectivity 4.8 | Credibility 4.9 | Relevance 4.9

The U.S. Strategic Petroleum Reserve (SPR) is down to about 442.5 million barrels as of September 2nd. The last time it was this low was in November 1984 when it dropped to 441 million barrels. The drop is a result of the Biden Administration’s plan to release oil reserves to lower energy prices. The program is supposed to end in October, but the White House is said to be considering extending the program. The SPR stood at about 638 million barrels when Biden took office.