Strategic Petroleum Reserve Near Historic Lows , Amid War in Middle East.
Strategic Petroleum Reserve Near Historic Lows , Amid War in Middle East.
Fox News reports that drawdowns made to the
U.S. Strategic Petroleum Reserve (SPR) have left
the emergency stockpile at its lowest level since 1983. .
High market prices have reportedly delayed
efforts made to replenish the reserve, as Israel's war against Hamas could destabilize oil supplies worldwide. .
High market prices have reportedly delayed
efforts made to replenish the reserve, as Israel's war against Hamas could destabilize oil supplies worldwide. .
According to data from the Energy Information
Administration (EIA), the SPR had approximately
351.3 million barrels of oil as of September 29. .
Fox News reports that for most
of the last decade, the emergency stockpile
has stood at over 650 million barrels.
According to an EIA estimate, the U.S. consumes
an estimated 20 million barrels of oil per day. .
This means that the SPR would be depleted after
just 17 days if America could no longer access "new domestic production or imports," Fox News reports. .
Fox News reports that the historical average since
1990 has seen the emergency stockpile maintain
approximately 33 days worth of oil reserves. .
In 1975, the SPR was created under
the Energy Policy and Conservation Act following
an oil embargo by OPEC that lasted from 1973 to 1974.
America’s SPR remains the largest in
the world and stands ready to deliver
on its mission to provide refiners
and the American public relief
in the event of supply disruptions, United States Department of Energy, via Fox Business.
Initially, the SPR was intended to
have a one billion barrel capacity,
but it has never reached that level.
Fox News reports that SPR supplies are held at four
locations in salt caverns located thousands of feet
below ground to prevent leaking oil from seeping out.