US Strategic Petroleum Reserve Plummets to 1982 Low Amid Middle East Energy Pressures

US Strategic Petroleum Reserve stocks dropped by roughly 5.3 million barrels in the past week, bringing total reserves down to 293.4 million barrels—the lowest level recorded since 1982, according to Monday data from the Energy Department. This decline forms part of a broader US commitment to release 172 million barrels from the national stockpile.

Back in March, the US alongside other International Energy Agency member nations began drawing from strategic reserves to stabilize the energy market following supply disruptions in the Middle East. Originally created in 1975 to mitigate future supply shocks following the 1973 oil embargo, the Strategic Petroleum Reserve neared its peak capacity of 727 million barrels in December 2009 with 726.6 million barrels.

The sitting president holds the authority to access the stockpile during major oil disruptions that threaten the US economy. Notable past actions include former president Joe Biden selling 180 million barrels over a six-month period following Russia's invasion of Ukraine, after which the administration purchased over 50 million barrels to replenish supplies.

Currently, US President Donald Trump's administration is working to alleviate petrol costs as the Iran war restricts Middle Eastern energy supply through the near-total closure of the Strait of Hormuz. Data firm Kpler reported that only three vessels traversed the waterway on Sunday, dropping from five on Saturday.

During a Texas press briefing, US Energy Secretary Chris Wright announced plans to consult with US companies regarding strategies to increase refinery production and reduce prices at the pump. According to automotive group AAA, average drivers currently pay $4.06 a gallon ($1.07 a litre) for petrol, a notable increase from $3.13 at the same time last year.

Addressing supporters at a New York rally last week, Mr Trump acknowledged that Americans face higher petrol costs due to the ongoing Iran war deadlock. “Just remember, you're doing it so that a very evil country cannot ... really, it's the number one state sponsor of terror in the world. We don't want to have them have a nuclear weapon,” he stated.