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America's emergency oil stockpile is draining toward levels not seen since Reagan was president, and the administration just authorized another massive release at the worst possible moment for global supply. What gets left behind matters far more than what goes out the door.
"We're taking a tremendous amount of oil out [of Venezuela]. We'll soon be filling up our national reserves, national strategic reserves."
The U.S. Strategic Petroleum Reserve has reached its lowest level since 1982 after sustained withdrawals. Crude oil stocks dropped to 283.8 million barrels, with a decline of over 120 million barrels compared to last year. This reduction is part of a U.S. agreement to release 172 million barrels from the reserve.