en.Wedoany.com Reported - The U.S. Strategic Petroleum Reserve (SPR) inventory has fallen to near its lowest level in over 40 years, with analysts expecting continued withdrawals from the reserve this summer. As of May 29, the U.S. Department of Energy (DOE) reported that the four underground storage sites it operates in Texas and Louisiana held 357.1 million barrels. This global largest emergency crude oil supply system was established in 1975 under President Gerald Ford, following the 1973-74 oil crisis.

In response to the U.S.-Iran war that began on February 28, the DOE reported that 400,000 barrels of crude oil were withdrawn from the SPR in March, 20.3 million barrels in April, and 37.4 million barrels in May. Analyst Patrick De Haan told Newsweek that the reserve level is just days away from the level seen in August 1983. Neil Chapman, Vice President of ExxonMobil, noted at a conference that the world is approaching unheard-of inventory levels.

The SPR is authorized to store 714 million barrels of crude oil. After falling to 346.8 million barrels in 2023 due to the Russia-Ukraine war, the inventory stood at 413 million barrels in early 2026. On August 19, 1983, the inventory was 345.7 million barrels. Newsweek noted that these reserves have been used to increase the available crude oil supply in the market and exert downward pressure on prices during major oil supply disruptions threatening the U.S. economy.

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