[U.S. Crude Oil Reserves Drop to a Historic Low of 712 Million Barrels, the Lowest Level Since March 1984] BlockBeats reports that on August 8, U.S. crude oil reserves are experiencing an unprecedented decline: total reserves have decreased for 17 consecutive weeks, marking the longest decline cycle on record. This surpasses the previous record of 16 consecutive weeks of decline set in 2021. Since early April, total crude oil reserves have dropped by 166 million barrels, reaching 712 million barrels, the lowest level since March 1984. The U.S. Strategic Petroleum Reserve alone has decreased by 111 million barrels since March, now standing at 305 million barrels, the lowest level since February 1983. Meanwhile, U.S. oil reserves have declined for 10 consecutive weeks, matching the record set in 2018. [Original Link]