US Oil and Gas Industry Association President Tim Stewart said that the country’s strategic oil reserves have fallen to a record low in the last 30 years. Stewart said this in an interview with Fox News, Report informs.
According to him, US President Joe Biden’s administration has consumed 40 percent of national oil reserves in just one year. Stewart believes that the reserves were spent to ensure that current American officials can safely transition to the next election cycle. The head of the US Oil and Gas Industry Association said such low levels of oil reserves were a threat to national security.
Stewart emphasized that the USA mainly produces light, sweet oil and that the reserves should be filled with heavy oil. Therefore, fuel will need to be imported into the United States from abroad.
It was previously reported that oil production volume in the USA will increase in September 2023. It reached a record level of 13.24 million barrels per day, an increase of 1.7% compared to August.