US strategic reserves hit 1982 lows

The U.S. Energy Department concluded last week with the strategic oil reserve declining to 285.4 million barrels, the lowest level since November 1982, after a drawdown of 1.2 million barrels as part of an agreement to reduce reserves by 172 million barrels. In a related context, U.S. President Donald Trump predicted a significant drop in oil and gasoline prices within the United States, linked to the success of the U.S. in its war with Iran. He expected the price of gasoline to fall to $3 per gallon, then drop below $2 by the end of the decline.

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