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Biden shrinks Strategic Petroleum Reserve to lowest level since 1980s

Data: FactSet, Department of Energy; Chart: Axios Visuals

The Biden administration is on pace to dump millions of barrels of crude oil on the market, shrinking the nation's oil reserve to its low level since 1984.

Why it matters: Biden's decision to tap into the reserve may have helped lower gasoline prices from their $5 highs in June.

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