Strategic Petroleum Reserve falls to lowest levels in 38 years

BISMARCK, N.D. (KFYR) - Emergency crude oil stocks have fallen to their lowest levels since 1984.

That was due, in part, to the federal government releasing about eight and a half million barrels from the Strategic Petroleum Reserve, which was the steepest withdrawal since the beginning of summer. The withdrawals have been ongoing since March, when President Joe Biden announced he’d release a million barrels per day to fight high gas prices, a move North Dakota Senator John Hoeven has been critical of.

“Not only are they depleting the emergency reserve, but they’re costing our country money. He needs to take the handcuffs off our energy producers. That’s what’s good for our country. He’s got the wrong policy, the wrong approach,” said Senator Hoeven.

The administration’s million-barrels-a-day plan is due to end in October. Biden could choose to continue the program, but it’s unlikely he will if oil futures continue to drop.