US SPR lowest since early 1980s after over 30% drawdown
The US Strategic Petroleum Reserve (SPR) is now at its lowest point since the early 1980s, after dropping more than 30% in just six months.
The big reason? Ongoing conflict involving the US Israel, and Iran has disrupted global oil shipping routes, forcing the US to dip into its emergency stash.
US strikes Venezuelan oil deal
To help refill the reserve, the US struck a deal with an oil company in Venezuela for access to 17 oil fields.
But experts say it could take a decade or more before those fields actually boost supply, plus some need major upgrades first.
Meanwhile, rapid withdrawals might even damage storage caverns, as energy expert Samantha Gross put it, "You can damage them by pumping too much out of them."
For now, there's real concern about how prepared the US is for future energy shocks.