PNN – The latest U.S. energy data indicates that the country’s oil reserves have fallen to their lowest level since 1983.
According to the report of Pakistan News Network; official U.S. government statistics show that the country’s stored crude oil reserves declined again last week, reaching their lowest level in four decades.
Data from the U.S. Energy Information Administration (EIA), released on July 15, indicates that the U.S. Strategic Petroleum Reserve (SPR) fell by 3 million barrels from the previous week to reach 316.5 million barrels for the week ending July 10.
The energy data analysis firm Market Watch reports that U.S. crude oil inventory levels have reached a point unprecedented since April 1983.
The lowest level of U.S. strategic oil reserves ever recorded dates back to 1982, when the stockpile stood at 270.5 million barrels.
This decline is occurring as the U.S. Department of Energy continues to implement a plan to release 172 million barrels of oil from emergency reserves in response to the energy crisis triggered by acts of aggression against Iran.