The US Strategic Petroleum Reserve (SPR) has fallen to its lowest level since 1983, as the Trump administration continues to release emergency crude to shield the economy from the war with Iran. According to federal data released on Monday, the reserve held 340.3 million barrels as of June 12, 2026, dropping below the previous historic low set in July 2023 under President Joe Biden following Russia's invasion of Ukraine.
This marks the first time since July 1983 that the SPR has held less oil, a period when the Reagan administration was still filling the reserve for the first time, and the US economy was significantly smaller. The reserve is now less than half full.
The SPR has become a key tool for Trump officials to mitigate the impact of high energy prices on consumers, businesses, and the broader economy. Back-to-back global conflicts have drained 75 million barrels, or 18 percent, of the stockpile since the war with Iran began in late February.
Andy Lipow, president of Lipow Oil Associates, noted that the releases, combined with actions by other governments and reduced exports from China, have prevented a worst-case scenario of $150 per barrel oil. However, he warned that a major hurricane in the Gulf of Mexico could disrupt production for weeks, and the buffer would be gone. Lipow added that the pace of releases may need to slow once the administration finishes releasing the 172 million barrels pledged in March.
The rapid drawdown also represents a political shift. In 2022, Donald Trump criticized Biden for depleting the SPR ahead of midterm elections, but now Trump officials are draining it even faster before this year's midterms.
Production officials have raised concerns about operational limits. Mike Sommers, CEO of the American Petroleum Reserve, stated that the SPR must be at least 20 percent full to remain operational. "We're raising alarm bells right now," he said, adding that levels are becoming concerning.
The emergency oil released since the conflict with Iran began will need to be replenished over time, but this will not happen before the peak of hurricane season, leaving the domestic energy supply vulnerable to weather disruptions.
