Strategic Petroleum Reserve Near Historic Lows Amid War in Middle East
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Strategic Petroleum Reserve Near Historic Lows Amid War in Middle East
Strategic Petroleum Reserve Near Historic Lows , Amid War in Middle East.
Strategic Petroleum Reserve Near Historic Lows , Amid War in Middle East.
Fox News reports that drawdowns made to the
U.S. Strategic Petroleum Reserve (SPR) have left
the emergency stockpile at its lowest level since 1983.
.
High market prices have reportedly delayed
efforts made to replenish the reserve, as Israel's war against Hamas could destabilize oil supplies worldwide.
.
High market prices have reportedly delayed
efforts made to replenish the reserve, as Israel's war against Hamas could destabilize oil supplies worldwide.
.
According to data from the Energy Information
Administration (EIA), the SPR had approximately
351.3 million barrels of oil as of September 29.
.
Fox News reports that for most
of the last decade, the emergency stockpile
has stood at over 650 million barrels.
According to an EIA estimate, the U.S. consumes
an estimated 20 million barrels of oil per day.
.
This means that the SPR would be depleted after
just 17 days if America could no longer access "new domestic production or imports," Fox News reports.
.
Fox News reports that the historical average since
1990 has seen the emergency stockpile maintain
approximately 33 days worth of oil reserves.
.
In 1975, the SPR was created under
the Energy Policy and Conservation Act following
an oil embargo by OPEC that lasted from 1973 to 1974.
Americaās SPR remains the largest in
the world and stands ready to deliver
on its mission to provide refiners
and the American public relief
in the event of supply disruptions, United States Department of Energy, via Fox Business.
Initially, the SPR was intended to
have a one billion barrel capacity,
but it has never reached that level.
Fox News reports that SPR supplies are held at four
locations in salt caverns located thousands of feet
below ground to prevent leaking oil from seeping out.
President Joe Biden hailed the Israel-Hamas ceasefire as a breakthrough for Middle East peace, emphasizing its potential to bring stability and pave the way for Palestinian statehood. The agreement has led to the safe return of Israeli hostages and reduced regional tensions. Biden credited U.S. diplomacy for the achievement, highlighting international support, including UN backing. As negotiations continue, Biden stressed the need for lasting peace, ensuring Hamas remains weakened while advancing security for all parties.
#MiddleEastPeace #CeasefireDeal #IsraelHamas #BidenDiplomacy #HostagesReturned #PalestinianStatehood #PeaceInGaza #UNSupport #HamasWeakening #IsraelSecurity #MiddleEastStability #GazaConflict #USForeignPolicy #PeaceAgreement #BidenLeadership #HezbollahWeakened #IranPolicy #GlobalDiplomacy #ConflictResolution #HumanitarianEfforts
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A ceasefire deal between Israel and Hamas has come into effect after 15 months of war that has killed tens of thousands of Palestinians in Gaza and inflamed.. Sky News
In his first speech as President, Donald Trump proudly declared himself a "peacemaker," taking credit for the recent release of hostages by Hamas. The president highlighted his administrationās efforts in facilitating their freedom through strategic negotiations and diplomacy. Trump emphasized that his leadership was pivotal in ensuring the safety of the hostages, positioning the release as a significant achievement of his foreign policy. He expressed confidence in his approach to maintaining global peace and promised continued efforts in securing stability in the region.
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Hamasā military wing, the Al-Qassam Brigades, celebrated the release of 90 Palestinian prisoners with a powerful display of unity and defiance as the freed individuals reunited with their families. The video footage captures the emotional reunions, with Palestinians greeting their loved ones with tears and cheers in the streets. As part of the ongoing ceasefire agreement, these prisoners were released after years of incarceration. The scenes of celebration highlight the significance of this milestone in the Israel-Hamas conflict, underscoring the high stakes of the larger truce deal.
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Tel Aviv residents expressed mixed emotions after a ceasefire was declared in the Israel-Hamas conflict. The release of hostages has brought hope, but some remain in captivity.
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