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U.S. oil hits 1982 lows amid Trump move
The United States' strategic petroleum reserve stockpile decreased by approximately 800,000 barrels last week, reaching 283 million barrels—the lowest level since October 1982. Plans are underway to sell an additional 40 million barrels in the coming months. This comes amid global concerns over dwindling reserves, with companies like Aramco noting that stockpiles are dangerously low. The Americans are relying on releasing these reserves to combat rising energy prices ahead of the midterm elections. The Trump administration anticipates drawing as much as 172 million barrels from the reserve, roughly equal to two weeks' worth of U.S. oil consumption, while emphasizing the possibility of replenishing the stockpile in the future. However, experts warn that such replenishment could take years and be a complex process.
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