US strategic oil stockpiles fell last week by 4.6 million barrels, falling to the lowest level since May 1985, according to the Energy Department.
Specifically, in the week ending July 29, the amount of crude in the strategic reserves of the United States was 469.9 million barrels.
It is recalled that President Joe Biden in March activated a plan to release 1 million barrels a day from reserves over a period of six months in order to address the high fuel prices that are largely fueling the inflation spike.
As the White House reported last week, US gasoline prices are nearly 40 cents a gallon lower than they would be without sales from strategic reserves.
At the same time, the US Department of Energy has proposed a plan to replenish the reserves, allowing the conclusion of contracts to buy oil in the coming years at fixed, predetermined prices.
The government believes the plan in question will help boost domestic oil production, according to the ministry.
Source: Capital
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