Washington (Business Desk): Following rising tensions with Iran, crude oil reserves in the United States have declined rapidly, causing the country’s oil availability to reach its lowest level in 45 years.
According to Bank of America data, the oil reserves available in the United States have about 43 days of supply remaining, which is the lowest level since July 1983. Experts say this situation is an important signal for US energy security.
According to the latest data from the US Energy Information Administration, commercial and strategic oil reserves are under continuous pressure. As of July 10, US commercial crude oil reserves were recorded at approximately 409.7 million barrels, which is about 6 percent below the average level of the past five years.
Similarly, the Strategic Petroleum Reserve fell to 316.5 million barrels by July 18, which is being described as the lowest level since April 1983.
According to the data, the United States’ total oil reserves have declined to approximately 730.8 million barrels, placing them among the lowest levels recorded in the past four decades.
Energy experts say the continuous decline in reserves could have significant effects on global markets, oil prices, and US energy policy.