Strategic Petroleum Reserve Near Historic Lows , Amid War in Middle East.<br />Strategic Petroleum Reserve Near Historic Lows , Amid War in Middle East.<br />Fox News reports that drawdowns made to the <br />U.S. Strategic Petroleum Reserve (SPR) have left <br />the emergency stockpile at its lowest level since 1983. .<br />High market prices have reportedly delayed <br />efforts made to replenish the reserve, as Israel's war against Hamas could destabilize oil supplies worldwide. .<br />High market prices have reportedly delayed <br />efforts made to replenish the reserve, as Israel's war against Hamas could destabilize oil supplies worldwide. .<br />According to data from the Energy Information <br />Administration (EIA), the SPR had approximately <br />351.3 million barrels of oil as of September 29. .<br />Fox News reports that for most <br />of the last decade, the emergency stockpile <br />has stood at over 650 million barrels.<br />According to an EIA estimate, the U.S. consumes <br />an estimated 20 million barrels of oil per day. .<br />This means that the SPR would be depleted after <br />just 17 days if America could no longer access "new domestic production or imports," Fox News reports. .<br />Fox News reports that the historical average since <br />1990 has seen the emergency stockpile maintain <br />approximately 33 days worth of oil reserves. .<br />In 1975, the SPR was created under <br />the Energy Policy and Conservation Act following <br />an oil embargo by OPEC that lasted from 1973 to 1974.<br />America’s SPR remains the largest in <br />the world and stands ready to deliver <br />on its mission to provide refiners <br />and the American public relief <br />in the event of supply disruptions, United States Department of Energy, via Fox Business.<br />Initially, the SPR was intended to <br />have a one billion barrel capacity, <br />but it has never reached that level.<br />Fox News reports that SPR supplies are held at four <br />locations in salt caverns located thousands of feet <br />below ground to prevent leaking oil from seeping out.
