US Strategic Petroleum Reserve falls below 300 million barrels, lowest since 1983

The U.S. Strategic Petroleum Reserve has fallen to 298.7 million barrels, its lowest level since January 1983, as the Trump administration continues a 172 million barrel drawdown to counter energy disruptions from the war in Iran. The conflict has choked off trade through the Strait of Hormuz, driving West Texas Intermediate crude above $82 a barrel and domestic gas prices over $4 a gallon. Meanwhile, a federal watchdog warns that aging infrastructure and cavern outages have left over a quarter of the reserve's capacity currently unavailable for drawdown.

Strategic Petroleum Reserve depletion

• ▪The United States Strategic Petroleum Reserve fell below 300 million barrels last week to 298.7 million barrels, marking its lowest level since January 1983.
• ▪The United States Strategic Petroleum Reserve held approximately 415 million barrels of oil before the outbreak of the conflict between the United States, Israel, and Iran on February 28, 2026.
• ▪The United States Strategic Petroleum Reserve fell by 6.1 million barrels during the week ending in early August 2026, down from 304.8 million barrels the prior week.
• ▪The United States Strategic Petroleum Reserve is projected to decline to approximately 243 million barrels, or about one-third of its 714 million barrel capacity, once current authorized releases are completed.

Iran war supply disruption

• ▪The war in Iran has disrupted more than 11 million barrels per day of global oil trade, primarily due to the effective closure of the Strait of Hormuz.
• ▪Iran's Foreign Ministry spokesman Esmaeil Baqaei stated that Iran will not reopen the Strait of Hormuz as long as the United States naval blockade continues.
• ▪A temporary Memorandum of Understanding signed by the United States and Iran to reopen the Strait of Hormuz dissolved after Iranian forces attacked tankers traveling along Oman's coast.

Crude oil price surge

• ▪The national average price for gasoline in the United States stood at $4.0091 per gallon on August 10, 2026, up from $3.1394 per gallon one year prior.
• ▪West Texas Intermediate crude oil prices rose 5.1 percent to settle at $82.13 per barrel on August 10, 2026, while Brent crude rose 5 percent to $87.72 per barrel.

SPR drawdown authorization timeline

• ▪The International Energy Agency approved a record release of 400 million barrels of oil in March 2026 to support global energy supplies amid the Iran war.
• ▪President Donald Trump authorized the release of 172 million barrels of oil from the Strategic Petroleum Reserve in March 2026 to offset supply disruptions from the conflict with Iran.
• ▪President Joe Biden previously authorized the release of 180 million barrels from the Strategic Petroleum Reserve in 2022 following Russia's invasion of Ukraine.

SPR infrastructure operational concerns

• ▪An Energy Department spokesperson stated in July 2026 that the Strategic Petroleum Reserve requires a minimum of approximately 70 million barrels of oil to operate safely.
• ▪A May 2026 Government Accountability Office report warned that the Strategic Petroleum Reserve's operational capabilities are limited and at risk due to aging infrastructure and construction outages.
• ▪As of December 2025, more than one-quarter of the Strategic Petroleum Reserve's inventory, representing at least 103 million barrels, was unavailable for drawdown due to cavern and construction outages.

5 sources