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US oil reserves drop towards Reagan-era lows, 'significant impact at the pump' coming, experts warn

The U.S. Strategic Petroleum Reserve (SPR) is dropping toward Biden-era lows toward levels not seen since the Reagan administration.According to the latest data from the U.S. Energy Information Administration’s petroleum status report for the week ending June 5, the SPR fell to 349.2 million barrels, with nearly 9 million barrels per week being tapped.The last time reserves approached this level was under the Biden administration in July 2023, when there were 346.7 million barrels in the SPR. If the reserve continues to decline, U.S. emergency crude oil inventories could hit a multi-decade flo...