US Strategic Petroleum Reserve Reaches Lowest Level Since 1983

The US Strategic Petroleum Reserve (SPR) has decreased to its lowest level since 1983, with current reserves at 340.3 million barrels of crude oil. This decline follows the release of 8.9 million barrels in the past week, as officials respond to high energy prices amid ongoing conflicts in the Middle East. Since the war with Iran began in late February, the SPR has decreased by 75 million barrels, or 18%. Industry experts, including Mike Sommers, CEO of the American Petroleum Institute, have expressed concern about the reserve's depletion, noting that it must remain at least 20% full to be operational. The reserve is currently less than half full, raising alarms about potential vulnerabilities, particularly during hurricane season. Andy Lipow, president of Lipow Oil Associates, indicated that the releases from the SPR have helped prevent significant price increases in oil, but cautioned that the reserve will need to be replenished over time.