US Emergency Oil Stockpile Down To 1987 Lows - Energy Agency
Umer Jamshaid Published May 25, 2022 | 08:33 PM
The Biden administration pulled six million barrels from the US Strategic Petroleum Reserve (SPR) last week, bringing the United States' emergency oil stockpile to its lowest levels in almost 35 years, data from the Energy Information Administration (EIA) showed on Wednesday
WASHINGTON (UrduPoint News / Sputnik - 25th May, 2022) The Biden administration pulled six million barrels from the US Strategic Petroleum Reserve (SPR) last week, bringing the United States' emergency oil stockpile to its lowest levels in almost 35 years, data from the Energy Information Administration (EIA) showed on Wednesday.
Balance in the SPR was at 532 million barrels for the week that ended on May 20 versus 538 million for the week to May 13, the EIA reported in its Weekly Petroleum Status Report.
EIA data showed the balance to be the lowest for the SPR since September 1987.
The latest drop in the SPR's levels kept up with the average weekly draw of six million barrels from the emergency oil stockpile over the past two weeks. Prior to that, some three million barrels were withdrawn from the reserve each week over a period of two months.
The Biden administration did its first major SPR withdrawal in November as global oil supplies began tightening amid an uptick in demand that pushed US crude and fuel prices higher.
Since, the Russia-Ukraine crisis has exacerbated the supply deficiency in virtually all forms of energy and the prices of these commodities to multi-year highs.
In the United States, prices at the pump for the No. 1 fuel product, gasoline, hit record highs above $4.50 per gallon while that of diesel, the Primary fuel for transportation, has surged to all-time highs of above $6 per gallon.
The Biden administration is currently in the process of withdrawing some 180 million barrels from the SPR between May and October to try and ease the supply gap and to dampen or, at least, prevent fuel prices from going any higher.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Mired in crisis, Boeing reports another loss
6 hours ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
6 hours ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
6 hours ago -
European stocks lose momentum after global rally
7 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
8 hours ago -
CEO KP-EZDMC meets CRBC officials
8 hours ago
-
Pakistan among nine poor countries that produces 90 percent cigarettes for world
8 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
9 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
9 hours ago -
Revised UAF budget recommended
9 hours ago -
IDEA, TEVTA organizes Job Fair for youth
9 hours ago -
Massive financial, administrative scam unearthed at SCCI
9 hours ago