According to the Energy Information Administration (EIA), the U.S. now has 365.1 million barrels of oil remaining in the Strategic Petroleum Reserve (SPR), compared to 374.2 million a week prior. The total volume has dropped by over 50 million barrels since the beginning of the war with Iran in February.

EIA data indicates that if the current rate of consumption continues for the month of June, the SPR is on pace to hit its lowest level since 1975, when the SPR was created. The White House has not made any public comments on the EIA report.

Top executives from the oil and gas industry, including the CEOs of Chevron and Shell, have warned that the conflict in Iran has reduced the global oil supply by over one billion barrels, and that shortage will soon be felt directly by the American economy. By tapping the SPR, the Trump Administration has cushioned the impact of the global oil shortage for American consumers, but the SPR is a finite resource, and using it cannot continue indefinitely. 

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In just three months, the SPR has dropped by fifty million barrels, meaning if the war with Iran continued for the rest of the year, and the current rate of withdrawal from the SPR continued, America’s petroleum reserve would be cut in half by 2027. Because the SPR cannot be tapped indefinitely, the Trump Administration will have to stop releasing oil from it, and then American consumers are likely to feel immediate economic consequences, including higher fuel prices and possible fuel shortages.  

Created in 1975 by President Gerald Ford, the SPR came into being as a response to the economic fallout from the 1973 Oil Crisis, which caused shortages, price increases, and broad unease about the country’s vulnerability to global energy shocks. Images of long lines at gas stations became iconic in the early 1970s and left a lasting impression on those who lived through it. Located across a series of underground facilities along the Gulf Coasts of Texas and Louisiana, the SPR has been dubbed an ‘emergency response tool’ by the Department of Energy. 

Several presidential administrations have tapped the SPR due to world events, including President Joe Biden in 2022 after the Russian invasion of Ukraine. The move by the Biden Administration remains the single largest use of the SPR, but if the current rate continues, the Trump Administration will surpass them before the end of 2026. Because the refill rate is less than the withdrawal rate, replenishing the SPR could take years even if those efforts began today.

When the SPR was created, U.S. oil production was far below current levels. Presently, the U.S. is the world’s number one producer of oil, which means the reduction of the SPR may not be as serious as it was in the 1970s or 1980s. Still, much of that increased production is exported, which is why using the SPR has still been necessary despite the increase in American oil production.