US Strategic Petroleum Reserve falls to lowest level since 1983

The United States Strategic Petroleum Reserve (SPR) stood at 316.5 million barrels on 10 July 2026, the lowest recorded volume since April 1983. The drop represents a 49 % reduction in reserves over the past five years. The most substantial drawdown occurred in 2022 when the Biden administration released 180 million barrels to curb gasoline prices after Russia’s invasion of Ukraine. Recent weeks saw aggressive releases linked to rising tensions with Iran, including weekly declines of 9.05 million and 6.2 million barrels.

Created in 1975 after the Arab oil embargo, the SPR is stored in underground salt caverns along the Gulf Coast, many of which now require maintenance. The shrinking reserve has sparked discussion in cryptocurrency circles about a potential US Strategic Bitcoin Reserve, highlighting differences between physical commodity reserves and digital assets.

Analysts note that the thin SPR leaves the U.S. more vulnerable to supply disruptions, especially amid Middle‑East geopolitical instability.