US Oil Reserves Plummet to Lowest Level Since 1982 Amid Iran War-Induced Disruption

The US Strategic Petroleum Reserve (SPR) has hit its lowest level since 1982 after being used extensively during and following the Iran war. According to data from the U.S. Energy Information Administration, there are now just 289.7 million barrels of crude oil left as of August 21.

This is a significant drop from the 346.8 million barrels in 2023 when then-President Joe Biden ordered the release of 180 million barrels to address an oil production shortfall caused by Russia's war in Ukraine.

The SPR, created by President Gerald Ford to protect the US economy from major oil shortages and support national security needs, has seen a substantial drawdown since the start of the Iran conflict. Between March 11 and July 31, the Department of Energy released 172 million barrels over 120 days as part of an international effort with the International Energy Agency.

The Iran war has led to the largest oil supply disruption in recent history due to the shutdown of the Strait of Hormuz, which handles a fifth of the world's oil and liquid fuels. As a result, the US has had to rely heavily on its emergency stockpile, depleting it at an alarming rate.