Last week, the Strategic Petroleum Reserve (SPR) reached its low since 1983. According to federal data published on Wednesday, the drop is due to rising gasoline and oil prices in the United States.
The SPR is an emergency crude oil reserve that is operated by the Department of Energy (DOE). Last week, the SPR fell to 375.1 million barrels (bbl). Given the Energy Information Administration’s data, the figure has dropped below 378 million bbl for the first time since December 1983.
At the same time, in accordance with the AAA database, the average U.S. gasoline price rose for the second straight day, reaching the level of $3.13 per gallon. On Tuesday, the U.S. oil benchmark, the West Texas Intermediate index, rose by 1%, exceeding $80 a barrel. The main global benchmark for oil, the Brent crude index, also increased by 2%, passing the level of $85.50 per barrel.
In order to fight rising prices for gas and oil, President of the United States Joe Biden, ordered the DOE to release oil from the SPR on November 23, 2021. In his opinion, this measure can help bring prices down.