The amount of oil in the US Strategic Petroleum Reserve plunged last week to the lowest level since 1983 as the Trump administration continues to deploy emergency oil to minimize the damage from the war with Iran.

The Strategic Petroleum Reserve was created in 1975, with the intention to protect consumers from severe supply shocks and price spikes.

The world is guzzling so much oil from commercial and strategic inventories that they risk falling below their minimum operating levels. | World News