Strategic Petroleum Reserve Drawn Down to Lowest Since 1982
Dow Jones03:45
Another 5.3 million barrels of crude oil were withdrawn last week from the U.S. Strategic Petroleum Reserve, bringing the stockpile to its lowest level since late 1982, according to the Energy Department.
The U.S. and allies have tapped strategic reserves to replace oil that has been blocked from the market behind the Strait of Hormuz since the U.S. attacked Iran in late February. Analysts credit the withdrawals with helping to keep fuel prices from rising more than they have, yet warn that rebuilding strategic stockpiles could keep oil prices elevated long after the strait reopens to normal tanker traffic.
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