U.S. SPR Falls to 1983 Low After 8.9 Million-Barrel Draw as Hormuz Stays Shut
Updated
Updated · NBC News · Jun 17
U.S. SPR Falls to 1983 Low After 8.9 Million-Barrel Draw as Hormuz Stays Shut
3 articles · Updated · NBC News · Jun 17
Summary
8.9 million barrels were drained from the Strategic Petroleum Reserve in the second week of June, pushing the U.S. emergency stockpile to its lowest level since 1983.
20 million barrels remained at Cushing, Oklahoma, after another sharp draw, leaving the key commercial hub at what analysts called an operational-stress level as the Strait of Hormuz stayed near standstill.
96.7% refinery utilization still failed to offset lost Persian Gulf supply: commercial crude inventories fell 8.3 million barrels, extending the broader U.S. decline to a tenth straight week.
Trump had said a U.S.-Iran peace deal would reopen Hormuz immediately, then by Friday, but no deal text had been released and shippers warned any restart could take weeks.
Gasoline has eased to just above $4 a gallon—more than 50 cents below its peak—but crude rose 1% after the inventory data, and oil executives warned reserve support may run out by July or August.
With US oil reserves at a critical low, how long can record exports continue before the system breaks?
As global oil stocks vanish, could halting US exports make the international energy crisis even worse?
What happens to the economy when the world's most critical oil hub physically cannot deliver another barrel?
2026 Oil Crisis: Cushing and SPR at Historic Lows as Iran War Shuts Hormuz and Reshapes Global Markets
Overview
As of June 2026, the United States faces a critical oil supply situation, with inventories at Cushing, Oklahoma at alarmingly low levels and the Strategic Petroleum Reserve (SPR) significantly depleted. Commercial crude stocks have consistently declined, dropping by 8 million barrels in just one week, while the SPR has fallen below previous lows seen during the Biden administration. Recent government releases of oil from the SPR, combined with earlier drawdowns to address past crises, have left the nation with little buffer. This combination of low inventories and depleted reserves highlights the fragility of U.S. energy security and the risks of further supply disruptions.