Emergency oil stockpile at lowest point since 1985 following Biden sales

The U.S. emergency crude oil stockpile fell to its lowest point since 1985 last week, dropping to more than 469.9 million barrels, according to data from the U.S. Department of Energy.

President Joe Biden in March ordered the historic release of 1 million barrels per day of oil from the U.S. emergency stockpile in an effort to combat soaring gas prices, which climbed in June to a record-high national average of more than $5 per gallon.