The US Strategic Petroleum Reserve has dropped to 316.5 million barrels as of July 10, 2026. That’s the lowest reading since April 1983, when Reagan was in his first term and the internet was still a Pentagon science project.
The decline represents a 49% drop over the past five years. In practical terms, America’s emergency oil cushion is roughly half the size it was during the Trump administration’s first go-around, and the timing could hardly be worse given escalating tensions in the Middle East.
How the SPR got this thin
The biggest single blow came in 2022, when the Biden administration authorized the largest-ever SPR release of 180 million barrels. The goal was to tame gasoline prices after Russia’s invasion of Ukraine sent crude markets into a frenzy.
Fast forward to 2026, and the drawdowns have continued. Recent weeks have been particularly aggressive, with a single-week decrease of 9.05 million barrels followed shortly after by another 6.2 million barrel drop. These emergency releases were triggered by rising tensions with Iran.
