Used During Crisis, War and Disaster: The History of the US Strategic Petroleum Reserve
The United States will release 172 million barrels of crude oil from its Strategic Petroleum Reserve (SPR), according to Energy Secretary Chris Wright. The decision follows a sharp increase in petrol prices across the country.
Petrol prices in the United States have risen to approximately $3.58 per gallon on average, following escalating tensions with Iran that have triggered significant disruptions to global oil supply.
Beyond the US, the International Energy Agency (IEA) agreed on Wednesday, 11 March 2026, to release 400 million barrels of oil collectively to address the supply disruption. This action forms part of a coordinated plan among IEA member states to consider releasing emergency oil reserves to stabilise the global energy market.
The oil release will commence the following week and is expected to take approximately 120 days to complete the full delivery. President Donald Trump previously stated that the policy aims to reduce energy prices.
“We’re going to do that, and then we’re going to fill it back up,” Trump said during an interview with Cincinnati broadcasting station WKRC.
“I filled it once, and I’ll fill it again, but right now we’re going to draw it down a little bit, and that will bring the price down,” he added.
Current US Oil Reserves
Petrol prices in the US have now risen to approximately $3.58 per gallon, roughly 22 per cent higher than a month ago, when prices hovered around $2.94. The US currently maintains oil reserves of approximately 415 million barrels, representing about 58 per cent of the official capacity of 714 million barrels. Wright stated that the Trump administration plans to replace the released oil with 200 million barrels over the next year without burdening taxpayers.
Amid the reserve release policy, movements in American oil stocks have become a focal point for energy market attention. Developments in these reserves are reflected in US weekly crude oil stock data, encompassing both commercial stocks (outside the SPR) and government strategic oil reserves (SPR).
Weekly US Ending Stocks data excluding the SPR for crude oil shows that US commercial crude oil stocks (excluding strategic reserves) have exhibited an upward trend. In 2026, crude oil stocks fluctuated but demonstrated an upward trend approaching early March. Stocks were recorded at 419.06 million barrels on 2 January 2026, then rose and fell throughout January and February, before increasing to 443.1 million barrels on 6 March 2026, marking the highest level during this period.
Additionally, US crude oil stocks within the Strategic Petroleum Reserve remained relatively stable with minimal growth. Reserves were recorded at 413.46 million barrels on 2 January 2026 and gradually increased to 415.44 million barrels on 6 March 2026. This relatively flat movement indicates there were no significant changes to US government strategic reserves during this period.
When Are Reserves Released?
The US Strategic Petroleum Reserve (SPR) is utilised as an emergency tool by the President when major oil supply disruptions occur that could threaten the US economy. Throughout history, the SPR has been released during several major crises:
2022 – Russia-Ukraine War: The US, together with International Energy Agency member states, released a total of 180 million barrels to stabilise the global oil market disrupted by the conflict.
2011 – Libya Crisis: The US and IEA released approximately 30.6 million barrels to address supply disruptions from Libya and the Middle East.
2005 – Hurricane Katrina: Severe damage to oil facilities in the Gulf of Mexico triggered the release of approximately 11 million barrels (the total US response was approximately 20.8 million barrels including oil loans).
1991 – Gulf War (Operation Desert Storm): The US released approximately 17.3 million barrels to calm the global oil market during the war against Iraq.
Generally, SPR oil releases are undertaken to stabilise prices and maintain global energy supply during periods of geopolitical crisis or major disasters.