As President Joe Biden’s administration’s plan to lower global oil prices progresses, the United States is losing its oil cushion. The Wall Street Journal writes about it.
According to the US Department of Energy, the volume of oil in the country’s strategic oil reserve fell by 7 million barrels last week compared to the previous seven days. Now the reserves are 427 million barrels of oil – this is the lowest level since 1984, Interfax reports.
The US is depleting its oil reserves at a rapid pace this year. In late March, Biden announced a plan to sell 180 million barrels of strategic reserve oil to fight high fuel prices and supply disruptions. Since then, the Ministry of Energy has sold 155 million barrels of oil.
The sale of oil from the reserve in the short term can be considered a success of the Biden administration: fuel prices in the country began to gradually decline from $5.03 per gallon to $3.66. However, in the event of problems with the supply of oil to the United States, the depleted oil reserve leaves fewer options for solving problems, the publication emphasizes.