The US Strategic Petroleum Reserve (SPR) tumbled to its lowest level since July 1983 last week, according to federal data cited by a CNN news report and covered by The Hindu Business Line. As of June 12, 2026, the SPR held 340.3 million barrels of crude oil, dropping below the prior historic low set in July 2023 under President Joe Biden following Russia's invasion of Ukraine. The last time the reserve held less oil was during the Reagan administration, when the United States operated a significantly smaller economy.
Emergency Releases to Cushion Energy Price Impact
The SPR has emerged as a key tool for Trump officials to mitigate the harm of high energy prices to consumers, businesses, and the wider economy, according to the report. Back-to-back global conflicts have wiped out a large chunk of the stockpile. The reserve is down 75 million barrels, or 18%, since the war with Iran started in late February. At current levels, the emergency reserve stands at a little less than half full.
In the latest week alone, US officials released another 8.9 million barrels from the emergency stockpile. "The Strategic Petroleum Reserve releases, combined with releases by other governments and China reducing its exports, have prevented the Armageddon scenario of $150 oil from happening to date," Andy Lipow, president of Lipow Oil Associates, told CNN.
| Metric | Value |
|---|---|
| SPR level as of June 12, 2026 | 340.3 million barrels |
| Drop since Iran war began (late Feb) | 75 million barrels (18%) |
| Recent weekly release | 8.9 million barrels |
| Prior historic low (July 2023) | Below 340.3 million barrels |
| Last lower level before current | July 1983 |
Drawdown Raises Political and Operational Concerns
The rapid drawdown also marks a political shift. When launching his third run for the White House in 2022, President Donald Trump criticized Biden for draining the reserve ahead of that year's midterm elections. However, Trump officials are now draining the SPR at a faster pace ahead of this year's midterms, the report noted.
Production officials warned that the stockpile faces operational limits if the current trajectory continues. Mike Sommers, CEO of the American Petroleum Reserve, warned during an interview on CNN's The Lead: "The SPR must be at least 20% full to be operational. We're raising alarm bells right now." Sommers added, "We're getting to levels where we are starting to be concerned."
Hurricane Season Vulnerability and Replenishment Timeline
The emergency oil released since the conflict with Iran began will require replacement over time. However, the report mentioned that this replenishment will not occur in time for the peak of the hurricane season, leaving the domestic energy supply vulnerable to immediate weather disruptions. "If we were to get a major hurricane in the Gulf of Mexico that shuts production down for several weeks, that buffer would no longer be there," Lipow said.
Lipow also noted that SPR releases may have to slow once the Trump administration finishes releasing the 172 million barrels it pledged to deploy back in March. With the reserve now below half capacity and hurricane season approaching, the US energy supply chain faces heightened risk.
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