US Emergency Oil Reserves Fall to Lowest Levels Since 1984

Sticker reads "crude oil" on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, on Nov. 22, 2019. Reuters/Angus Mordant

The U.S. Strategic Petroleum Reserve (SPR) has declined to its lowest level in 38 years, according to the latest data from the Energy Information Administration (EIA).

In the week ended Sept. 9, the nation’s emergency crude stockpile totaled 434.05 million barrels. It hasn’t been that low since early November 1984, when the SPR hovered at around 436 million barrels.