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(FOX BUSINESS) – The Strategic Petroleum Reserve (SPR) fell to its lowest level since 1983 last week as U.S. gasoline prices and oil prices ticked up, according to federal data released Wednesday.
The level of the SPR — an emergency stockpile of crude oil managed by the Department of Energy (DOE) — declined to 375.1 million barrels last week, marking the first time it has fallen below 378 million barrels since December 1983, according to the Energy Information Administration. Prior to last week, the reserve's lowest level since 1983 was recorded on Dec. 30, 1983, when it hit 378.3 million barrels.
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Meanwhile, the average pump price nationwide ticked up for the second consecutive day Wednesday, hitting $3.13 per gallon, according to a AAA database. And Tuesday the West Texas Intermediate index, the U.S. oil benchmark, increased 1% to more than $80 per barrel and the Brent crude index, the top global oil benchmark, increased 2% past $85.50 per barrel.
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