US Oil Reserve Hits Historic Low as Trump Aims to Ease Fuel Prices

The US emergency oil reserve has hit its lowest level since 1983 at approximately 340 million barrels, according to Energy Department data released Monday. This drop comes as the Trump administration moves to release 172 million barrels from the Strategic Petroleum Reserve to ease surging fuel prices caused by the war in Iran.

The reserve was already significantly depleted when Trump took office 16 months ago, and it's now at a near-record low. The Energy Department announced its plan in March to release oil from the strategic reserve as part of a coordinated effort by nations around the world less than two weeks after the US and Israel launched attacks on Iran.

The dwindling stockpile leaves the US with less flexibility to respond to future supply disruptions, according to Patrick De Haan, head of petroleum analysis for GasBuddy. He noted that the reserve needs to have a minimum of 150 million to 200 million barrels to function properly, and releasing oil through an exchange program may not be enough to refill it.