US oil reserve falls to lowest in 40 years

This week, the Department of Energy reported that the country's strategic oil reserve has fallen to its lowest level in four decades. Oil inventories are at 427.2 million barrels as of Sept. 16, according to the Energy Information Administration's weekly report, down from nearly 600 million at the beginning of the year.

Earlier in March, President Biden authorized the release of crude from the US Strategic Petroleum Reserve to boost supply and try to bring down gas prices.

The US government created the reserve after the oil crisis of the 1970s, which is basically an oil fund for a rainy day. Since then, it was used a few times, like during the Gulf War in 1991 and after Hurricane Katrina in 2005.