Kathmandu. U.S. oil reserves have reached a record low amid a surge in crude oil prices.
Last week, the U.S. Strategic Petroleum Reserve (SPR) fell by 300,000 barrels. As a result, the oil reserves fell to 282.7 million barrels. That is the lowest level since October 1982.
Since March 20, the U.S. SPR has fallen by 132.8 million barrels, or 32 percent. Oil reserves have declined in 29 of the past 30 weeks.
In 2020, the U.S. Strategic Petroleum Reserve’s reserves stood at 653.9 million barrels. That’s 131 percent higher than the current level.
Meanwhile, apart from the SPR, commercial crude oil reserves also fell by 3.1 million barrels last week. As a result, it fell to 412.5 million barrels. This is the lowest level since the end of July. This is about 3 percent lower than the five-year average for the same period.
The U.S. is the world’s largest oil consumer. According to the U.S. Energy Information Administration, the national average retail price of diesel used on highways for the week of Oct. 19 is $6.276 per gallon. Despite the agreement with Russia, the price of diesel in the U.S. remains high.
Diesel prices have hit record highs due to disruptions caused by the Iran war and the invasion of Ukraine at Russian refineries. The average retail price of diesel on Tuesday was $6.32 per gallon, according to motorists group AAA. -Agency
