US strategic petroleum reserve falls to lowest level since 1982

The U.S. Strategic Petroleum Reserve dropped to its lowest level since December 1982 after crude inventories fell by roughly 5.3 million barrels last week to 293.4 million barrels, according to a Reuters report cited widely this week. The drawdown comes as the United States continues releasing oil from the reserve under a plan to release 172 million barrels in an effort to cushion the impact of a conflict with Iran. Energy analysts have warned that heavy withdrawals from the reserve could cause structural damage to the salt caverns used to store crude oil. The Strategic Petroleum Reserve is the world's largest government-held emergency oil stockpile. Its depletion to multi-decade lows has become a focal point in U.S. energy policy debates. No further details on the pace of future releases or any reassessment of the reserve's structural integrity were immediately available.