US Reserve Oil Hits 44-Year Low Amid Global Energy Shortage and Iran War
The US Strategic Petroleum Reserve has hit its lowest level since 1982, with a stockpile of just over 286.6 million barrels, or about 40% of capacity.
This marks a significant drop from earlier this year, when the reserve was at around 300 million barrels. The latest drawdown comes amid a global energy shortage and rising oil prices.
The US has been releasing oil from its reserve in an effort to stabilize prices and meet demand. In March 2022, President Joe Biden authorized the release of 180 million barrels over six months after a spike in oil prices following the Russian invasion of Ukraine.
The Iran war has also played a role in the current energy crisis, with the International Energy Agency announcing in February that its member nations would release a combined 400 million barrels of reserve oil. The US committed to releasing 172 million barrels as part of this effort, but so far has only released about 128 million barrels.