Emergency crude stockpiles fell at a record pace as the Biden Administration shapes a plan to refill the nation’s strategic petroleum reserves.
Crude inventories at government storage caverns declined by 8.414 million the week ending September 9, the largest release in data going back to 1982, according to the Energy Information Administration. At 434 million barrels, the reserves are the lowest since 1984.
The US embarked on a program to stabilize global crude prices and supply by tapping its strategic reserves after Russia’s invasion of Ukraine upended normal trade patterns. From May to October, the US said it would release 180 million barrels of crude.
With the reserves diminishing, sources close to the White House indicated the administration is considering plans to refill the storage caverns. Purchases may begin once oil benchmarks slip under $80 a barrel.
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