Oil in U.S. Strategic Petroleum Reserve falls below 300 million barrels, lowest since 1983
The reserve dropped below 300 million barrels after the Trump administration ordered 172 million barrels released as the Strait of Hormuz stayed mostly closed.
- The U.S. Strategic Petroleum Reserve fell to 298.7 million barrels, the lowest level since the 1980s, after releasing 182 million barrels over 120 days due to anticipated oil market disruptions from the Iran war.
- More than 100 million barrels of the SPR's inventory were inaccessible because of construction and cavern outages, with aging infrastructure limiting drawdown and distribution capabilities.
- The SPR's total capacity is 714 million barrels, but the current stockpile is less than half this amount amid ongoing global energy tensions.
- U.S. oil and gas prices rose sharply during the Iran war, with West Texas Intermediate crude reaching around $82 per barrel and the national average gas price about $4.01 per gallon.
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Which Risks Are Emerging As The US Oil Reserve Hits A 1983 Low
The U.S. Strategic Petroleum Reserve has fallen below 300 million barrels for the first time since 1983, highlighting growing pressure on America's emergency energy stockpile. According to recently released Energy Department data, the reserve fell to about 298.7 million barrels after a weekly drawdown of roughly 6.1 million barrels.The decline comes amid oil releases linked to the Iran conflict and disruptions surrounding the Strait of Hormuz. O…
US oil reserves hit 43-year low
The US Strategic Petroleum Reserve fell below 300 million barrels for the first time since 1983 on Monday, as Brent crude prices spiked after Middle East negotiations stalled. Washington has leaned heavily on reserves since the US-Iran war began, raising concerns about depletion. Meanwhile, China has been able to turn its own appetite for crude imports on and off with little noticeable effect on growth: “We don’t really know how they did that,” …
US oil jumps above $80 per barrel as Strategic Petroleum Reserve reaches lowest level since 1983
US oil prices jumped above $80 a barrel Monday amid growing doubts over a deal to reopen the Strait of Hormuz, as reserves have dwindled to their lowest levels since 1983.
On August 7, the reserves fell to 298.7 million barrels. The blockade of the Strait of Ormuz forced Washington to release reserves to contain prices.
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