US Strategic Petroleum Reserve falls below 300M barrels for first time since 1983

The US Strategic Petroleum Reserve has fallen below 300 million barrels for the first time since the early 1980s. Recent Energy Department data confirms the SPR contained 298.7 million barrels as of Friday. This depletion of the emergency oil reserve increases vulnerability to global supply shocks, which complicates ongoing efforts regarding economic stability and energy security. This marks the lowest level for the reserve since it was being filled several decades ago in the United States.