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9h ago

U.S. Strategic Petroleum Reserve Falls to Lowest Level Since 1983

A DOE weekly report shows the SPR has been drained to a thin buffer that raises operational worries and forces costly purchases to rebuild the stockpile.

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The US Strategic Petroleum Reserve has fallen to its lowest level since 1983 following continued emergency oil releases linked to the Iran conflict.

Overview

  • Federal data for the week ending June 12 show the SPR held 340.3 million barrels, the smallest stockpile since the summer of 1983.
  • The Trump administration agreed in March to release 172 million barrels as part of a 400-million-barrel IEA package and has been drawing roughly 8 to 9 million barrels per week.
  • SPR inventories have fallen by about 75 million barrels, or roughly 18 percent, since U.S.‑Iran hostilities intensified in late February.
  • Industry officials warn the reserve is nearing levels that could hamper its emergency function and that the July‑to‑November hurricane season could expose U.S. fuel supplies to new shocks.
  • Energy Secretary Chris Wright says the department plans to replace about 200 million barrels over the next year but buying crude to refill will be slow and could put upward pressure on prices.