US Oil Reserves Plummet to Historic Lows Amidst Declining Crude Oil, Gasoline, and Diesel Stocks

Washington DC. Crude oil, gasoline, and diesel reserves in America are rapidly declining. US data shows that dependence on oil stored in strategic reserves has increased as the war with Iran prolongs. According to federal government data, commercial and emergency reserves of crude oil and energy products in the US decreased by 17.4 million barrels just before the Memorial Day weekend.

With this, seasonal US oil reserves have reached their lowest level since 2003. Data from the Energy Information Administration (EIA) shows this decline. Energy analyst Andy Lipow has warned that reserves continuing to decline at this rate is not sustainable in the long term.

The administration of US President Donald Trump has also been continuously drawing oil from the Strategic Petroleum Reserve (SPR). In the last week alone, crude oil reserves in the SPR decreased by 9.1 million barrels, which is said to be close to the previous week's record.

Emergency oil reserves have decreased by 50 million barrels in the last two months alone. Similarly, gasoline reserves are also rapidly declining. Last week, US gasoline reserves reached their lowest level in May since 2014. Reserves of diesel and other distillate fuels have also fallen to their lowest levels since 2003.