US Strategic Oil Reserve Falls to 44-Year Low, Diesel Prices Remain High
The US Strategic Petroleum Reserve (SPR) fell by **3 million barrels** last week to **282.7 million barrels**, the lowest level since October 1982. Commercial crude oil inventories also dropped to **412.5 million barrels**. Diesel prices remain at record highs due to the Iran war and Ukrainian attacks on Russian refineries.
Kathmandu. Amid rising crude oil prices, US oil inventories have reached record lows.
Last week, the US Strategic Petroleum Reserve (SPR) saw a decline of 3 million barrels. As a result, the oil reserve fell to 282.7 million barrels, the lowest level since October 1982.
Since March 20, the US SPR has decreased by 132.8 million barrels, or 32 percent. Oil inventories have declined in 29 of the past 30 weeks.
In 2020, the US Strategic Petroleum Reserve stood at 653.9 million barrels, which is 131 percent higher than the current level.
Meanwhile, commercial crude oil inventories, excluding the SPR, also fell by 3.1 million barrels last week, dropping to 412.5 million barrels. This is the lowest level since the end of July and about 3 percent below the five-year average for this period.
The US is the world's largest oil consumer. According to the US Energy Information Administration, the national average retail price of highway diesel for the week of October 19 is $6.276 per gallon. Despite the agreement with Russia, diesel prices in the US remain high.
Diesel prices have hit record highs due to disruptions caused by the Iran war and Ukrainian attacks on Russian refineries. According to the motorist group AAA, the average retail price of diesel on Tuesday was $6.32 per gallon. –Agency