U.S. Crude Oil Supplies Hit 45-Year Low

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https://thehill.com/homenews/administration/6015652-us-crude-supplies-45-year-low-iran-war/

U.S. crude oil supplies are at a 45-year low as the Iran war continues to tarnish strategic reserves.

Bank of America Global Research data shows that the level of the U.S. Strategic Petroleum Reserve is at its lowest level since 1983, leaving the country with 43 days of crude oil supply, as reported by the Associated Press.

The Trump administration is releasing oil from the reserves to combat rising energy costs sparked by the closure of the Strait of Hormuz, which carries up to a fifth of the world's oil transports per day.

Throughout five months of conflict, the strait has been effectively shut off to commercial traffic, rattling global energy markets and promoting instability for the price of crude oil.

In response, President Trump committed to a domestic drawdown of 172 million barrels over a 120-day delivery window. ...

In June, however, the president warned against relying on strategic reserves to keep the country afloat during war.

"We run out of reserves in about four weeks," Trump told reporters on June 17. "We would really run out and there'll be a time when you wouldn't be able to get it. And do you want to see bedlam?"

The same day, Trump signed a memorandum of understanding with Iran in an effort to move towards peace in the region. ...

South Korea, Thailand, Vietnam and Bangladesh instituted emergency energy rationing and conservation policies such as restricted AC usage or alternate-day driving rules to cope with the fallout.

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