Data from the U.S. Department of Energy revealed a decline in crude oil inventories in the United States Strategic Petroleum Reserve by 5.6 million barrels over the week ending July 22.

According to what was reported by Reuters news agency, crude inventories in the Strategic Petroleum Reserve fell to 474.5 million barrels, the lowest level since June 1985.

- Withdrawals from the reserve

These data came after the administration of U.S. President Joe Biden approved a plan last April to draw from the strategic oil reserve, releasing nearly one million barrels of oil per day from its reserves for six months to lower energy prices, as the White House seeks to address Americans' concerns over rising fuel costs and inflation following the Russian invasion of Ukraine and the rise in oil prices.

- Strategic Petroleum Reserve

The Strategic Petroleum Reserve is the stockpile of crude oil that the United States holds for fuel emergencies, being the largest emergency supply in the world. It is drawn upon if supplies are disrupted due to events such as hurricanes or wars to avoid future shortages.

Washington began storing the strategic petroleum reserve for the first time in 1975, following the Arab oil embargo during the October 1973 war.

The United States owns nearly 600 million barrels of crude oil in giant caverns in Texas and Louisiana.

American presidents have resorted to the reserve during Hurricane Katrina in 2005 and conflicts in oil-producing countries, and former President Barack Obama withdrew from it in June 2011 in coordination with partners at the International Energy Agency to address supply disruptions from Libya and other countries.