U.S. Strategic Petroleum Reserve drops to lowest level since 1987 [Reuters]
Valero Energy Corporation (VLO)
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Source: Reuters
June 9, 2016. REUTERS/Richard Carson HOUSTON (Reuters) -The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy showed. Stockpiles www.spr.doe.gov/dir/dir.html in the Strategic Petroleum Reserve (SPR) fell to 538 million barrels, the lowest since 1987. About 3.9 million barrels of sour crude was released into the market, while about 1.1 million barrels of sweet crude was issued, according to the data. President Joe Biden in March announced the largest release ever from the U.S. emergency oil reserve at 1 million barrels per day (bpd) of crude oil for six months from the reserve in an attempt to bring down gasoline prices that have soared during Russia's war with Ukraine. Before that, the United States had committed to release 30 million barrels of SPR oil in March and pledged in November to release 50 million barrels from SPR. U.S. oil prices have surged nearly 25% to
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