US Oil Reserve Plummets to Lowest Level Since 1980S
WHO:
CNN - Trump administration officials are involved in the release of oil from the Strategic Petroleum Reserve (SPR).
CNN - Andy Lipow is the president of Lipow Oil Associates.
CNN - Mike Sommers is the CEO of the American Petroleum Reserve.
WHAT:
CNN - The US Strategic Petroleum Reserve (SPR) has fallen to 340.3 million barrels of crude oil.
CNN - 8.9 million barrels were released from the SPR last week.
CNN - The SPR is down 75 million barrels, or 18%, since the war with Iran started.
Bloomberg Markets - The SPR has reached its lowest level since 1983.
Bloomberg Markets - The Trump administration is moving toward completing a plan to release 172 million barrels of oil.
WHERE:
CNN - The Strategic Petroleum Reserve is located in the United States.
WHEN:
CNN - The last time the SPR had less oil than today was in July 1983.
CNN - The war with Iran started in late February.
CNN - The Trump administration pledged to release 172 million barrels in March.
WHY:
CNN - The releases from the SPR are intended to minimize the damage from the war with Iran and to ease high energy prices for consumers, businesses, and the economy.
CNN - Trump officials are draining the SPR to mitigate the impact of surging fuel prices.
HOW:
CNN - The SPR has been used as a key tool by Trump officials to address high energy prices.
CNN - The emergency oil released since the war with Iran will need to be replaced over time.
(UPDATED June 15, 2026 20:13 UTC)
The Trump administration is actively involved in releasing oil from the Strategic Petroleum Reserve, which has now dropped to 340.3 million barrels, its lowest level since 1983. Last week alone, 8.9 million barrels were released as part of a plan to ultimately release 172 million barrels, aimed at easing high energy prices for consumers and businesses amid the ongoing war with Iran. This strategic move is intended to mitigate the impact of surging fuel prices, although the emergency oil released will need to be replenished over time.