The US continues to release large amounts of oil from the Strategic Petroleum Reserve amid tensions with Russia. As a result, crude oil inventory in the US emergency reserves fell to 453.1 million barrels as of August 19, the lowest level since January 1985.
Since the beginning of 2022, crude stockpiles in the US have decreased by 160 million barrels. In March 2022, the US government authorized the release of petroleum from the SPR over a period of six months in order to keep record high inflation and soaring gasoline prices under control. These measures were first announced by Joe Biden in late March.
“In the United States, I’m using every lever available to me to bring down prices for the American people,” the US president said.
However, some experts believe that low petroleum stockpile levels could lead to significant problems for the US. If the United States is unable to replenish its stockpile of the commodity, it could become more vulnerable to sudden price increases.
