Depleted US Oil Stash Struggles Amid Ongoing Iran Conflict

The United States Strategic Petroleum Reserve (SPR) has been depleted over the last five years, leaving Washington struggling to calm jittery oil markets as the U.S.-Israeli war with Iran grinds on.

Six months into the conflict, the SPR's ability to mitigate price shocks may be compromised, making it harder for the government to address rising fuel costs.

The reserve's depleted state is a direct result of previous administrations' decisions to tap into it. Between 2017 and 2022, the U.S. drew down about 240 million barrels from the SPR, reducing its capacity to respond to future disruptions in global oil supplies.