July 31, 2026 [Bipartisan Policy] – The U.S. Strategic Petroleum Reserve currently holds just 308 million barrels—less than half its 714-million-barrel capacity and the lowest level since 1983.
Major releases of 180 million barrels in 2022 (Russia-Ukraine) and 172 million barrels in 2026 (Strait of Hormuz closure) drove the sharp drawdowns in coordination with the IEA.
Stored in underground salt caverns along the Gulf Coast, the SPR is designed for severe supply interruptions, though presidents have also used it for broader market and price stabilization.
Maximum drawdown capacity is theoretically 4.4 million b/d but falls to roughly 1–1.4 million b/d when inventories are low due to reduced reservoir pressure.
Rebuilding stocks remains critical, as lower levels limited release volumes during the latest crisis and reduced the reserve’s ability to reassure markets.
Read the full article on Bipartisan Policy.
