Story perspectives

Trump Taps SPR, Reserves Hit 1983 Low, Gas Near $4

6/17/2026

Summary

Trump Taps Reserves

President Donald Trump’s administration tapped Strategic Petroleum Reserve, lowering it to its lowest level since 1983 to keep gasoline prices low while the Strait of Hormuz stays shut.
Energy Department data showed the reserve fell by 8.9 million barrels in June, with Cushing, Oklahoma crude inventories dropping to 20 million barrels, an operational-stress level.
After data release, unleaded gasoline slipped to just above $4 per gallon while crude oil prices rose 1 %.

Summary

Trump Ends War

President Donald Trump announced a weekend deal with Iran that ends the war and makes the Strait of Hormuz permanently toll-free.
He posted the deal on TRUTH Social, ordered the blockade lifted, and noted the Strategic Petroleum Reserve fell to 340.3 million barrels, its lowest since 1983.
Left- and right-wing commentators were skeptical, while Israel called the agreement a security threat.

Summary

Sommers Urges Refill

CEO Mike Sommers warned the SPR must stay at least 20% full to operate.
Underground tanks in Texas and Louisiana hold 340.3 million barrels, under half capacity.
Since the Iran-related conflict began on February 28, the SPR lost 75 million barrels (18 % decline).
The Energy Department aims to add 200 million barrels within a year.
Refill will not finish before hurricane season, which raises worries a Gulf hurricane could leave reduced reserve without margin.

History

Historical Context

During the October 1973 OAPEC oil embargo, the United States saw a 70 % price jump from $3.01 to $5.12 per barrel as domestic output had slipped to just 16 % of global production. The shock exposed U.S. energy vulnerability and spurred ongoing policy debates on strategic oil stockpiles.

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Trump Taps Reserves

President Donald Trump’s administration tapped Strategic Petroleum Reserve, lowering it to its lowest level since 1983 to keep gasoline prices low while the Strait of Hormuz stays shut.
Energy Department data showed the reserve fell by 8.9 million barrels in June, with Cushing, Oklahoma crude inventories dropping to 20 million barrels, an operational-stress level.
After data release, unleaded gasoline slipped to just above $4 per gallon while crude oil prices rose 1 %.

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