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According to a report by the US Oil Price Network on August 22, 2022, Reuters quoted statistics released by the US Department of Energy as saying that the US Strategic Petroleum Reserve (SPR) inventory after another sharp drop last week, it is now only 453.
The SPR fell another 8.
In March, the government approved the release of 1 million barrels per day (bpd) of crude oil from the SPR for six months to lower oil prices and boost domestic production by contracting companies to buy future crude oil at a fixed price
The final plan calls for the release of 180 million barrels of crude from the SPR in response to an unstoppable rise in oil prices amid market tensions
SPR's record crude oil release will end this fall
In addition to SPR inventories at their lowest level since 1985, the U.
For the week ended Aug.
The largest U.
SPR inventories will fall to a 40-year low by the end of October, when inventories stood at 358 million barrels, compared with 621 million barrels a year earlier, according to the Energy Institute
