US Emergency Oil Reserves Plunge to Lowest Level Since 1983

The United States Strategic Petroleum Reserve (SPR) has reportedly plunged sharply to its lowest level since 1983. The decline comes as the Donald Trump administration continues to deploy emergency reserves to minimise the economic impact of the war with Iran. According to federal data released on Monday (15/6/2026), US authorities released 8.9 million barrels of oil from the SPR in the past week alone. This aggressive move leaves the US emergency oil stockpile at 340.3 million barrels of crude. That figure officially surpasses the previous record low recorded in July 2023 under the Joe Biden administration, when the US faced market turmoil due to Russia’s invasion of Ukraine. As a historical comparison, the last time the SPR was at such a low level was in July 1983, when the Ronald Reagan administration was just beginning to fill the reserve for the first time. The SPR has now become a primary instrument for Trump administration officials to mitigate losses from high energy prices for consumers, businesses, and the broader economy. This intervention is considered crucial to prevent more extreme spikes in crude oil prices. “The release of the Strategic Petroleum Reserve, combined with similar measures by other governments and export reductions by China, has so far prevented an ‘Armageddon’ scenario where oil prices could reach US$150 per barrel,” said Andy Lipow, President of Lipow Oil Associates. However, the series of global conflicts has drained most of the national stockpile. Since the war with Iran broke out in late February, the SPR has decreased by 75 million barrels, or about 18% of its total capacity. Trump’s move has sparked sharp political scrutiny. During the 2022 campaign, Donald Trump harshly criticised Joe Biden for draining the SPR ahead of the midterm elections. Yet now, the Trump administration is depleting the oil reserve at an even faster rate ahead of this year’s midterm elections. Mike Sommers, CEO of the American Petroleum Institute, voiced his concerns about this downward trend. “We are sounding the alarm now. We are starting to reach very worrying levels,” he stressed in an interview with CNN. A major risk looms if this reserve release continues without a rapid replenishment plan. Andy Lipow warned that the emergency stockpile likely will not be refilled in time before the peak of the Gulf of Mexico hurricane season. “If a major hurricane hits the Gulf of Mexico and halts production for several weeks, that buffer will no longer be there to protect the market,” Lipow concluded.