U.S. strategic petroleum reserves have dropped below 300 million barrels for the first time since the early 1980s, according to Energy Department data released Monday. Inventories are declining due to the release of 172 million barrels in response to supply disruptions caused by the Iran war, which will bring reserves to approximately 243 million barrels after the drawdown is finished. Experts warn about risks of damaging the underground salt caverns where the oil is stored as levels fall below 300 million barrels, potentially compromising the system’s ability to rapidly pump oil in case of emergency.
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