U.S. Strategic Petroleum Reserve falls to its lowest level in 44 years

The Energy Department disclosed that the Strategic Petroleum Reserve now holds 289.7 million barrels, marking the smallest inventory since 1982. This reduction follows a weekly release of 3.7 million barrels aimed at tempering gasoline prices as global oil supplies stay tight. The administration’s broader strategy involves dispensing up to 172 million barrels to stabilize markets and limit fuel price spikes ahead of the midterm elections.

Officials say the withdrawn oil will be replenished, with plans to add roughly 200 million barrels over the next year, potentially raising the reserve to about 443 million barrels. Industry leaders warn that such drawdowns could push the SPR toward operationally unsafe levels, given the need to maintain roughly 20% of capacity. The SPR, created in 1975, remains one of the world’s largest emergency crude stockpiles.