America’s emergency oil piggy bank is running about as low as it has in four decades. The Strategic Petroleum Reserve, the massive underground stockpile designed to shield the US from energy crises, has dropped to 316.5 million barrels as of July 10, 2026.
That’s the lowest level since April 1983. For context, the SPR’s total storage capacity across its four Gulf Coast sites is 714 million barrels, meaning the reserve is sitting at roughly 44% full.
How we got here
The culprit is the escalating US-Iran conflict that kicked off in late February 2026. In March, the Department of Energy authorized the release of 172 million barrels to keep domestic supply stable and prevent price spikes from spiraling out of control.
By July 10, approximately 98.9 million barrels had actually been withdrawn. In plain English: the government greenlit pulling out a massive chunk of oil, and about 57% of that authorized amount has already left the caves.
