America’s stockpile of emergency crude oil is shrinking fast, rapidly approaching the four-decade low set under former President Joe Biden.
US officials continue to aggressively drain the Strategic Petroleum Reserve (SPR) to cushion the blow caused by the war with Iran.
According to Energy Department data released on Monday, the SPR declined by another 7.9 million barrels last week, in line with the 8 million barrels released the week before.
That leaves the SPR with 349.2 million barrels of oil, the lowest since August 2023.
At this pace, the SPR will decline below 346.8 million this week, the Biden-era low from July 2023.
That would…