US Oil Reserve Hits New Low
The US Strategic Petroleum Reserve now holds the lowest amount of oil since 1983.
America's oil savings account, the Strategic Petroleum Reserve, is at its lowest level in over 40 years. The reserve holds 298.7 million barrels of oil. This is a drop of 6.1 million barrels.
This low level has not happened since January 1983. Back then, gas prices were much lower. A gallon of gas cost about 90 cents. Today, prices are much higher.
The reserve stores oil for emergencies. These emergencies include big storms or problems in oil-producing countries. Some people worry about the low oil levels. They fear it could make energy problems worse.
Oil supply from the Middle East faces challenges. This makes the low reserve levels more concerning. A smaller reserve means less protection for American families and businesses. This could lead to higher gas prices if there is a supply shock.
Source: Fox Business
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