The US Strategic Petroleum Reserve (SPR) has dropped to its smallest volume in over four decades, according to federal data released on Monday and cited by CNN. As of June 12, 2026, the SPR held 340.3 million barrels of crude oil, slipping below the previous historic low recorded in July 2023 during President Joe Biden's administration following Russia's invasion of Ukraine. The current level marks the lowest since July 1983, when the Ronald Reagan administration was still building the stockpile and the US economy was significantly smaller.
Accelerated Drawdown Amid Geopolitical Tensions
The Trump administration has been drawing oil from the SPR to ease the economic impact of the war with Iran, which began in late February. According to the CNN report, US officials released another 8.9 million barrels from the emergency stockpile over the past week. Since the conflict began, back-to-back global conflicts have reduced the reserve by 75 million barrels, an 18% decline. At present, the emergency stockpile stands at a little less than half full.
| Metric | Value |
|---|---|
| SPR volume (June 12, 2026) | 340.3 million barrels |
| Previous historic low (July 2023) | Below 340.3 million barrels |
| Drawdown since late February | 75 million barrels (18%) |
| Weekly release (week ending June 12) | 8.9 million barrels |
| Total committed releases (March) | 172 million barrels |
Andy Lipow, president of Lipow Oil Associates, told CNN that "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." However, Lipow warned that a major hurricane in the Gulf of Mexico could leave the US exposed: "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."
Operational Risks and Replenishment Challenges
The pace of the drawdown reflects a U-turn in President Donald Trump's policy stance. During his third presidential campaign in 2022, Trump criticised Joe Biden for using the reserve ahead of that year's midterm elections. However, Trump officials are now releasing oil from the SPR at a faster rate ahead of this year's midterms.
Industry officials have cautioned that the reserve could face operational constraints if the current trend continues. Mike Sommers, CEO of the American Petroleum Reserve (as named in the source), 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." He added, "We're getting to levels where we are starting to be concerned."
The emergency oil released since the conflict with Iran began will need to be replenished over time, but such replenishment is not expected before the peak of the hurricane season, leaving domestic energy supplies exposed to any immediate weather-related disruptions.
Outlook and Market Implications
The continued drawdown reduces the buffer that SPR provides against supply shocks. Lipow noted that SPR releases could slow once the Trump administration completes the release of the 172 million barrels it committed to deploy in March. However, with the reserve already below half capacity, the ability to respond to future disruptions—whether from weather, geopolitical events, or production outages—is diminishing. The coming hurricane season will test the resilience of US oil supplies without the full cushion of the strategic reserve.
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