Last April, data from the US Department of Energy showed that crude oil stored in the US Strategic Petroleum Reserve fell to its lowest levels in about 40 years due to the sale of oil from emergency stocks under authorization.
Stockpiles in the Strategic Petroleum Reserve fell to 368 million barrels in the week ending April 14, the lowest level since October 1983, according to data from the Department of Energy and the Energy Information Administration.
In 2022, the administration of President Joe Biden carried out the largest ever sale of reserves, amounting to 180 million barrels, as part of a strategy to stabilize the rising oil markets and combat rising gasoline prices in the wake of the Russian-Ukrainian war.
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