US emergency oil reserve falls below 300M barrels for first time since 1980s
Summary
The United States’ Strategic Petroleum Reserve (SPR), an emergency supply of oil, has dropped below 300 million barrels for the first time since the early 1980s. The latest data from the Energy Department shows the reserve now holds about 298.7 million barrels.Key Facts
- The Strategic Petroleum Reserve is a stockpile of oil kept for emergencies.
- As of the latest report, the SPR holds 298.7 million barrels of oil.
- This is the first time the reserve has fallen below 300 million barrels since the early 1980s.
- The reserve was originally filled during the 1980s as a safety measure for oil shortages.
- The Energy Department released the data showing the current reserve level.
- The decline reflects recent uses or sales from the reserve.
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