US strategic oil supply hits lowest level since the 1980s, federal data states – KRXI
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by CHARLOTTE HAZARD | The National News Desk
WASHINGTON (TNND) — The U.S. Strategic Oil Reserve is down 340.3 million barrels, the lowest it has ever been since 1983, according to federal data.
The emergency oil reserve was low in the 1980s because then-President Ronald Reagan was filling it up for the first time, according to The Hill newspaper.
The emergency oil reserve was created in 1975.
Earlier this year, the Trump administration announced it would release 172 million barrels from the reserve over many weeks.
The reserve was also low in 2022 after the Biden administration released 180 million barrels after Russia invaded Ukraine.
This news comes after President Donald Trump announced a deal over the weekend with Iran to end the ongoing war.
Trump said that the Strait of Hormuz would be toll-free permanently under his deal with the Middle Eastern country.
There has been some skepticism about the deal on both the left and the right, and Israel had denounced it.
“Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade,” Trump wrote on TRUTH Social, referencing the U.S.’s retaliatory obstruction of Iranian ports. “Ships of the World, start your engines. Let the oil flow!”
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