40 million barrels sounds like a lot, but 349 million in inventory is already the lowest level since 2023, and America’s oil barrel bottom is almost hitting rock bottom.

Crypto World News reports that the U.S. Department of Energy announced on Wednesday that the United States is seeking to lend up to 40 million barrels of strategic petroleum reserves (SPR) to energy companies to help lower fuel prices. This plan is part of the previous agreement to release 172 million barrels of SPR. To date, the U.S. has lent approximately 133 million barrels of crude oil under this agreement. In March this year, after the U.S. and Israel launched a war against Iran on February 28, the U.S. reached an agreement with about 30 member countries of the International Energy Agency to jointly release approximately 400 million barrels of strategic reserves to help stabilize the international oil market. Currently, the U.S. SPR inventory stands at 349.2 million barrels, the lowest level since August 2023. Companies borrowing crude oil must return an equivalent amount of crude and pay a premium of up to 24% in the form of additional oil.