FLASH
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The war with Iran and the closure of the Strait of Hormuz are forcing the US to consume strategic energy reserves at the lowest levels in decades.
US crude oil, gasoline and diesel reserves are falling at an alarming rate, as the conflict with Iran and the prolonged closure of the Strait of Hormuz continue to wreak havoc on global energy markets.
According to federal data released Thursday by the U.S. Energy Information Administration (EIA), commercial and emergency stocks of oil and energy products fell by 17.4 million barrels last week alone, just before the Memorial Day weekend.
This brings the seasonal reserve level to its lowest point since May 2003.
Experts warn that the current pace of reserve depletion cannot continue for much longer.
"It can't go on forever at this rate," said Andy Lipow, president of Lipow Oil Associates.
According to the report, the Trump administration is aggressively depleting the Strategic Petroleum Reserve (SPR). Last week alone, the strategic reserves fell by 9.1 million barrels, almost the same record level as the previous week.
In total, US emergency reserves have lost about 50 million barrels over the past two months alone.
"We have accelerated the withdrawal from strategic reserves tremendously," said Bob Yawger, energy markets specialist at Mizuho Securities.
Gasoline stocks are also falling sharply. According to data, U.S. gasoline levels have fallen to their lowest point for the month of May since 2014.
Meanwhile, stocks of diesel and other refined products have fallen to their lowest level since May 2003.
The crisis is directly linked to the months-long closure of the Strait of Hormuz, one of the world's most important oil shipping corridors. The blockade of the passage has forced the US energy industry and international markets to increasingly rely on existing reserves.
Experts warn that if the conflict continues and Hormuz remains closed, pressure on the energy market and global fuel prices could increase further.
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