The reserve has an authorized storage capacity of 714 million barrels, according to the Department of Energy.

US strategic oil reserve hits lowest level since 1983. Crude oil reaching a new all-time high by September 30 at 5.5% YES, by December 31 at 12.5% YES.

The U.S. released 3.7 million bbl from the Strategic Petroleum Reserve, with stockpiles falling below the 310 million bbl mark for the first time in more than 43 years.