FOX Business correspondent Edward Lawrence reports on the Strategic Petroleum Reserve falling to its lowest level since 1983 and the decline in U.S. oil reserves on ‘Making Money.’ #fox #foxbusiness #media #breakingnews #us #usa #new #news #breaking #makingmoney #charlespayne #payne #edwardlawrence #lawrence #oil #energy #oilreserves #strategicpetroleumreserve #spr #iran #iranwar #middleeast #economy #oilprices #crudeoil #petroleum #energysecurity
The United States' Strategic Petroleum Reserve (SPR) has reached its lowest level in 40 years.
The United States’ Strategic Petroleum Reserve has been depleted over the course of the Iran war, raising concerns about sustainability and potential damage to the salt caverns storing it. PULSE POINTS WHAT HAPPENED: The United States’ Strategic Petroleum Reserve (SPR) has reached its lowest level in 40 years. DETAIL: On Monday, it was revealed that the U.S. SPR had dropped below 300 million barrels due to ongoing withdrawals for the Iran war, which began in late February. The depletion of the country’s SPR has contributed to record-high gas prices for mid-August, with the national average reaching $4.07 per gallon, according to AAA Gas Prices. The SPR was initially designed to handle five full drawdowns over its lifespan, but it…Open
President Trump said Wednesday he will tap the nation's Strategic Petroleum Reserve (SPR) to counter climbing gasoline prices as the Iran war disrupts global oil shipments. Why it matters: Consumers are seeing significant price jumps at the pump — and Republicans recognize offsetting that increase is crucial ahead of the 2026 midterm elections. What he's saying: ""We'll do that and then we'll fill it up. I filled it up once, and I"ll fill it up again," Trump said during a visit to Kentucky . "Right now we'll reduce it a little bit and that brings the prices down." - The decision comes after the International Energy Agency recommended Wednesday its member governments jointly release up to 400 million barrels of oil from strategic…
