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The U.S.’s emergency oil reserve has fallen below 300 million barrels of oil for the first time since it was being filled decades ago.
New Energy Department data shows that the Strategic Petroleum Reserve (SPR) contained 298.7 million barrels as of Friday.
The last time the level was below 300 million barrels was in the early 1980s.
The drop is not a surprise, as the Trump administration announced in March that it would release 172 million barrels from the reserve over the course of 120 days.
The U.S.’s war in Iran has put a crunch on global oil supplies because Iran has been able to limit oil shipping through the nearby Strait of Hormuz, a key chokepoint. This has resulted in higher prices for consumers at the pump.
Low levels in the federal oil reserve are generally a separate matter from private oil stocks and consumer fuel availability, though releases and purchases from the reserve can impact available supplies on the market.
The SPR was created in 1975 after oil-producing countries imposed an embargo against the U.S., triggering a supply shock.
While the reserve is authorized to hold up to 714 million barrels, its actual total has fluctuated over the years as various administrations and Congress have used the country’s spare barrels to fill supply gaps or pay for expenses.
The Biden administration also released 180 million barrels in 2022 after Russia’s invasion of Ukraine sent oil prices spiking.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted in a post on the social platform X that SPR declines “are likely for a few more weeks before the authorized release is complete.”
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