Updated

Updated · KOAT New Mexico · Jun 2

U.S. Strategic Petroleum Reserve Drops 9.1 Million Barrels to 365 Million as Iran War Spurs Releases

Updated

Updated · KOAT New Mexico · Jun 2

U.S. Strategic Petroleum Reserve Drops 9.1 Million Barrels to 365 Million as Iran War Spurs Releases

3 articles · Updated · KOAT New Mexico · Jun 2

U.S. emergency crude stockpiles fell 9.1 million barrels in the week to May 22, leaving the Strategic Petroleum Reserve at 365 million barrels—near a 40-year low.
The Energy Department kept releasing oil to ease supply shortages tied to the war in Iran, extending a drawdown that has cut the reserve from 413 million barrels at the start of the year.
That level is far below the reserve's 2009 peak of 726 million barrels and only modestly above the 40-year low of 346.8 million reached in July 2023 after Biden's Ukraine-war-related release.
Created in 1975 after the Arab oil embargo, the SPR was authorized for up to 1 billion barrels; other IEA members collectively hold more than 1.2 billion barrels in emergency stocks.

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As the U.S. drains its oil reserves to a 40-year low, how is it preparing for the next energy crisis?

With oil loaned on credit, can the U.S. truly rebuild its strategic reserves at no cost to taxpayers?

Can releasing emergency oil control prices when a major shipping lane like the Strait of Hormuz remains closed?