US Oil Reserves Hit Lowest Level Since 1982 Amid Ongoing Iran War

The United States' oil reserves have hit their lowest level in over four decades. According to the latest report from the U.S. Energy Information Administration, there are only 289.7 million barrels left as of August 21.

This is below the 40-year low of 346.8 million barrels reached in 2023, when then-President Joe Biden ordered the release of 180 million barrels to mitigate a shortfall caused by Russia's war in Ukraine.

The U.S. Strategic Petroleum Reserve is an emergency stockpile created by President Gerald Ford to protect the American economy from major oil shortages and support national security needs.

Six months after the Iran war began, the country has used 125.7 million barrels from its strategic oil reserves. The war has triggered the largest oil supply disruption in recent history, with the shutdown of the Strait of Hormuz affecting a fifth of the world's oil and liquid fuels that pass through it.