U.S. Strategic Oil Reserves Could Fall By 50% Over The Next Decade

Recent legislation and last week’s announcement of a release of 50 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) could see America’s strategic stockpiles drop to around 314 million barrels by the start of the 2032 fiscal year, from 618 million barrels as of early October 2021, the Energy Information Administration (EIA) said on Monday. If strategic crude oil stockpiles nearly halve over the next decade, they would stand in 2032 at their lowest level since March 1983, the administration noted.  U.S.…