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Strategic Petroleum Reserve falls to more than 40-year low

The Department of Energy says the caverns have an operational minimum around 70 million barrels, much lower than oil industry estimates.

Reported · Written up by our desk · Energy

The U.S. Strategic Petroleum Reserve, the world’s largest publicly known emergency crude supply, has fallen to a more than 40-year low, Energy Department data cited by MarketWatch show.

MarketWatch reports the move has raised alarm bells on Wall Street, where commodity experts have focused on the risk that emergency supplies could run too low.

The Department of Energy argues those concerns are overstated, saying the operational minimum for storage caverns is about 70 million barrels, a level the government says is far below estimates cited by the oil industry.

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