Trump's SPR Legacy: Lowest Level in 43 Years Amid Ongoing War

The United States' Strategic Petroleum Reserve (SPR) has fallen to its lowest level in about 43 years, covering an estimated 16 days of U.S. oil demand. This is down from a 2009 peak of about 36 days.

In August 2024, Donald Trump criticized Joe Biden for draining America's oil reserves, but two years later, the SPR has dropped roughly 25% in recent months under Trump's own administration.

The SPR's inventory figure is now at 311 million barrels, down from a peak of 726.6 million barrels in December 2009. The Biden administration drew down the reserve aggressively during the 2022-2023 energy shock, selling more than 200 million barrels at an average price of roughly $75 per barrel.

The trigger for the current drawdown is the Strait of Hormuz, where military action has disrupted oil supply flows. Brent crude prices have averaged over $100 per barrel in recent months, and the U.S. Oil Fund (USO) has climbed 80.39% year to date.