The United States’ Strategic Petroleum Reserve (SPR) has plummeted to its lowest level since the 1980s, holding just over 331 million barrels of crude oil.
Established by President Gerald Ford in 1975 following the Arab oil embargo and energy crisis that saw Americans lining up for gasoline on odd- or even-numbered days depending on their license plate numbers, the SPR was designed to hold one billion barrels. Current levels are less than half of this target capacity.
The most recent drawdown has been particularly steep, with U.S. crude oil inventory falling by more than 14 million barrels during the week ending June 19. This marks the second major release from the SPR since 2022, when the Biden administration released 180 million barrels to stabilize oil prices amid the Russia-Ukraine War.
The reserve reached a peak of over 726 million barrels in 2011 and was at approximately 331.2 million barrels as of June 22.
Congress and former President Trump agreed during his first term to reduce SPR levels starting in 2017 for budgetary reasons, resulting in the sale of about 140 million barrels from 2017 to 2023. The current drawdown has accelerated since early this year following Trump’s decision to pause a military campaign against Iran on behalf of Israel.
Trump himself acknowledged that oil reserves were a key factor in halting the operation, stating: “If I went out and continued to bomb them … just bomb the hell out of them, I’d get bad press on that.” He also warned that without the SPR, U.S. oil supplies could run out within four weeks.
According to the Energy Information Administration, overall U.S. crude oil inventories have fallen by 6.1 million barrels during the week ending June 19, bringing commercial stockpiles to 412.1 million barrels — a level 7% below the five-year average for this time of year.
Nearly 55 million barrels have been released from the SPR since late April, driving it to its lowest point in over four decades. The current inventory is 394 million barrels short of its maximum capacity.
Trump stated that 200 million barrels will be replenished through the next year.