The government of the United States has decided to further draw more oil from the Strategic Petroleum Reserve (SPR). This is done in order to protect oil prices in the international market and to try to reduce gasoline prices (and all fuels derived from petroleum) domestically.
The SPR was created in 1975 with the intent of mitigating supply problems as part of the International Energy Program, after oil supplies were stopped during the 1973–1974 oil embargo. It was created with 270 million barrels. It surpassed 700 million barrels in 2010. Currently it has 409 million barrels after the government decided to sell 180 million barrels in the past 6 months.
The US consumes 20.54 million barrels a day (2019).
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