The United States' Strategic Petroleum Reserve (SPR) has reached a 40-year low, with crude oil stocks falling to 316.5 million barrels, the lowest since April 1983, according to a recent Energy Department announcement.

Created in 1975 to mitigate oil supply disruptions following the Arab oil embargo, the SPR has frequently been tapped by presidents to influence markets and protect consumers from the effects of policy decisions. In 2022, then-President Joe Biden authorized the release and sale of a record 180 million barrels of crude oil in response to the Russian invasion of Ukraine, which had driven crude prices above $100 per barrel. This coordinated release with the International Energy Agency helped reduce U.S. gas prices by 17 to 42 cents per gallon over six months, as reported by the Treasury Department.

In May 2024, with average gas prices nearing $3.60 per gallon, the Biden administration again released oil—this time from the Northeast Gasoline Supply Reserve—to lower pump prices ahead of the Fourth of July holiday. This followed plans announced in 2023 to begin replenishing the SPR.

When President Donald Trump returned to the Oval Office in January 2025, the SPR held 395 million barrels, just over half the amount it contained when he left office four years earlier. In March 2026, the Energy Department announced another release of 172 million barrels of oil.

The SPR is also expected to receive the return of approximately 15.3 million barrels of borrowed crude by 2026.

Critics argue that the SPR's repeated use for political purposes has contributed to its depletion, suggesting it may be time to reconsider its role.

Sources