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The last time the U.S. Strategic Petroleum Reserve sat this low, Reagan was in his first term. That was 1982. As of last week, the reserve holds 285 million barrels. This isn't a surprise drawdown. An agreement sent 172 million barrels out into the market on purpose. The problem is what the reserve is for. Washington keeps it as a buffer for when a war or a blockade takes oil supply offline. Right now that buffer is shrinking, and the global oil supply picture isn't calm. Source: Reuters / Writer: Daniyal
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