US oil jumps above $80 per barrel as Strategic Petroleum Reserve reaches lowest level since 1983

West Texas Intermediate crude oil prices rose 4.6% to $81.78 a barrel while Brent crude increased 4.7% to $87.45 a barrel.

The United States’s emergency stockpile of oil reserves has hit its lowest level since early 1983, as the Trump administration releases crude oil to prevent costs from skyrocketing as the war in Iran drags on. Data released Monday by the Energy Department showed that, for the first time since it was filled, the Strateg

The U.S.’s emergency oil reserve has fallen below 300 million barrels of oil for the first time since it was being filled decades ago. New Energy Department data shows that the Strategic Petroleum Reserve (SPR) contained 298.7 million barrels as of Friday. The last time the level was below 300 million barrels would hav

The SPR shed 6.1 million barrels last week, reaching its lowest level since January 1983 amid ongoing withdrawals tied to the Iran war

In an aerial view, the Strategic Petroleum Reserve storage at the Bryan Mound site is seen on October 19, 2022 in Freeport, Texas. Brandon Bell | Getty ImagesCrude oil stocks in the U.S. Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level in more than four decades, as global inventories

The record was first broken on Thursday night and continued to fall in the following days. Here’s why that matters.

Water levels at Lake Mead hit 1,040.4 feet (317.1 meters) above sea level on Friday.