US emergency oil stockpile tumbles to lowest since the Reagan administration

The amount of oil in the US Strategic Petroleum Reserve plunged last week to the lowest level since 1983 as the Trump administration continues to deploy emergency oil to minimize the damage from the war with Iran. According to federal data released Monday, US officials released another 8.9 million barrels from the SPR last week alone. “The Strategic Petroleum Reserve releases, combined with releases by other governments and China reducing its exports, have prevented the Armageddon scenario of $150 oil from happening to date.” The emergency oil released since the war with Iran start will have to get replaced over...