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America Has Lost Its Oil Buffer

Brace for impact: The U.S. is running out of a cushion reserved for oil shocks.

The U.S. Energy Information Administration said Wednesday that the Strategic Petroleum Reserve declined by nearly 7 million barrels in the week ended Sept. 16, leaving it at roughly 427 million barrels—the lowest since 1984. For the first time since 1983, the SPR now holds less oil than commercial storage.