US Strategic Petroleum Reserve Hits Lowest Level Since 1982
The Strategic Petroleum Reserve has fallen to 286.6 million barrels following massive releases to combat energy crises and conflict-driven price spikes.
The United States Strategic Petroleum Reserve (SPR) has dropped to 286.6 million barrels, its lowest level since 1982. This depletion follows extensive releases by Donald Trump and Joe Biden, including a 172-million-barrel release triggered by the start of the U.S.-Israeli war with Iran on February 28 and subsequent releases to mitigate an energy crisis linked to the Hormuz conflict.
Recent data from the Energy Information Administration shows the reserve decreased by another 3.1 million barrels for the week ending August 28. Simultaneously, commercial crude oil inventories fell by 4.5 million barrels to 424.5 million barrels, a decline far steeper than analyst expectations. Gasoline inventories also dropped by 1.2 million barrels, keeping prices above $4 per gallon amid inflation and shortages.
President Donald Trump announced plans to refill the SPR using Venezuelan oil, contingent on a deal to revive the Venezuelan oil industry. However, the Government Accountability Office has warned that aging infrastructure poses risks to the reserve's fill and drawdown capabilities. Experts further caution that operating the reserve below 250 million barrels could cause physical damage to pumps and cavern walls.
