US Strategic Petroleum Reserve Hits Lowest Level Since 1982

The U.S. Strategic Petroleum Reserve fell to 285.4 million barrels for the week ending September 4, marking its lowest level since November 1982. This represents a decline of nearly 120 million barrels, or approximately 30%, over the past year.

Donald Trump authorized a 172-million-barrel release in March 2026, followed by a 53-million-barrel loan to petroleum companies in May to mitigate rising gas prices and tensions with Iran. These drawdowns occurred as West Texas Intermediate crude reached $92.69 per barrel and retail gasoline averaged $4.157 per gallon. Global market pressure intensified after the expiration of a 60-day ceasefire between the U.S. and Iran in August, and drone attacks prompted Saudi Arabia to shut down its East-West pipeline, pushing Brent crude futures above $108 a barrel.

Further instability arose from the closure of the Strait of Hormuz, which blocked 20% of global oil and gas supplies. While the administration attempted small-scale replenishment in late 2025 and early 2026, limited congressional funding and high costs hindered recovery. The International Energy Agency warned that depleted reserves reduce the government's ability to offset future price spikes, leaving commercial inventories with only a few weeks of supply.