Washington, D.C. The U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983, according to newly released federal data, as the country continues drawing emergency oil during a period of global energy instability.
The reserve dropped to 340.3 million barrels, The Hill reported, citing Department of Energy data released Monday. Reuters also reported that the decline included an 8.9 million-barrel weekly draw, one of the largest decreases on record.
The reserve was created in 1975 after the Arab oil embargo exposed U.S. vulnerability to supply disruptions. It can hold up to 714 million barrels, but current levels are less than half that capacity. The United States uses about 21 million barrels of oil per day.
The latest decline follows the Trump administration’s March decision to release 172 million barrels over 120 days after the Strait of Hormuz was effectively closed during the U.S.-Iran conflict. The Biden administration also released 180 million barrels in 2022 after Russia’s invasion of Ukraine pushed oil prices higher.
Energy analysts remain divided over the risk. Tom Kloza, chief oil analyst at Gulf Oil, told The Hill he was “not really worried about the SPR,” saying the U.S. remains in decent shape. Oil markets also reacted to reports of a U.S.-Iran deal that could reopen the Strait of Hormuz.
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