Full Breakdown
U.S. Strategic Petroleum Reserve Near Historic Low Amid Iran Conflict
6/3/2026, 6:06:49 AM
Rapid Drawdown of Emergency Oil Stockpiles
The Strategic Petroleum Reserve (SPR) fell to 365.1 million barrels in the week ending May 22, a drop of 9.1 million barrels from the prior week and over 50 million barrels since the Iran-related war began on Feb 28. This level is the lowest since August 1983, when the reserve was still being filled, and analysts warn it could reach that historic low within days if the current drawdown continues.
Historical Background of the SPR
The SPR was established in 1975 under President Gerald Ford after the 1973-74 Arab oil embargo, authorized to hold up to one billion barrels. It has been drawn during Operation Desert Storm, after Hurricane Katrina, the Libyan civil war, and in 2022 when 180 million barrels were released to counter price spikes from Russia’s invasion of Ukraine—the largest single drawdown to date.
Recent Release Data
The SPR held 365 million barrels on May 22, down from 413 million barrels at the start of the year. Weekly draws have averaged 9 million barrels, and since Feb 28 the reserve has lost over 50 million barrels. In March the administration announced a 172-million-barrel release over 120 days, while IEA members have pledged a collective 400-million-barrel release.
Official Government and International Responses
The Department of Energy describes the drawdown as an “exchange,” requiring the U.S. to return a larger volume later. The administration says the releases aim to lower energy prices amid Iran-related supply shocks. The International Energy Agency coordinates similar releases among its 32 members to stabilize global markets.
Criticism and Opposition
Republican lawmakers and former President Donald Trump have called the drawdowns “reckless” and a “futile attempt to reduce oil and gasoline prices.” Energy-policy analyst Bob McNally warned that the SPR was “irresponsibly depleted” for years and that refilling will require congressional appropriations, potentially raising gasoline prices and creating a political liability.
Verbatim Quotes
- “The strategic national reserves, which I filled up, have been virtually drained in order to keep gasoline prices lower, just prior to the election,” — Donald Trump, former President
- “The SPR was irresponsibly depleted for many years prior to the Hormuz crisis and refilling it will also take many years and require congressional appropriations,” — Bob McNally, President, Rapidan Energy Group
- “been a key factor in keeping crude oil price appreciation suppressed.” — Thomas Kloza, oil market analyst
- “and others had helped prevent crude from reaching $150 per barrel, as some had feared.” — Andy Lipow, President, Lipow Oil Associates
Conflicting Reports & Gaps
All sources agree the SPR stands at roughly 365 million barrels. The Department of Energy declined comment, leaving the timeline for the required replenishment unclear.
What’s Next
If the current drawdown persists, the SPR could match its August 1983 low within days. The exchange rule will obligate a later, larger refill, likely needing congressional funding and a phased approach. Ongoing IEA releases and domestic debate will shape the reserve’s future role.
