America’s emergency oil stash is running dangerously thin. The Strategic Petroleum Reserve, the country’s insurance policy against energy crises, has fallen to roughly 349.2 million barrels as of early June 2026, its lowest point in 43 years.
To put that in perspective, the SPR was created in 1975 after the Arab oil embargo left Americans waiting in gas lines. It peaked at around 727 million barrels in 2009. Today’s level represents less than half of that high-water mark.
What’s draining the reserve
The biggest culprit is the ongoing US-Iran conflict, which escalated around late February 2026. Since then, more than 50 million barrels have been pulled from the reserve to offset supply disruptions tied to tensions around the Strait of Hormuz, one of the world’s most critical oil chokepoints.
Weekly releases have averaged between 8 and 9 million barrels.
