US emergency oil stockpile tumbles to lowest since the Reagan administration
Federal data show the reserve holds 340.3 million barrels, and officials say the exchange program could return more than 3 billion dollars to taxpayers.
- The U.S. Strategic Petroleum Reserve plunged to 340.3 million barrels for the week ending June 12, according to newly released data from the Department of Energy.
- The drawdown marks the lowest emergency stockpile level since July 1983, a multi-decade low dating back to when the Reagan administration was still actively filling the reserve for the first time.
- The Trump administration aggressively drained 75 million barrels—roughly 18% of the total reserve—since late February to counter severe energy market shocks sparked by the war with Iran and the near-total closure of the Strait of Hormuz.
- A massive release of 8.9 million barrels last week alone officially wiped out the prior modern low set in July 2023 under President Joe Biden during the supply disruptions of the Russia-Ukraine war.
- Energy sector experts are sounding alarms over operational safety limits, warning that the emergency buffer is now less than half full and rapidly approaching the 20% minimum threshold required for the system to physically operate.
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The U.S. Oil Reserve Just Hit Its Lowest Level Since 1983. China’s Holds More Than a Billion Barrel
The Hormuz Crisis Could Reshape Global Oil Markets Forever: U.S. President Donald Trump said this week that “ships are starting to move” through the Strait of Hormuz after announcing the signing of a memorandum of understanding (MOU) with the regime in Tehran. The MOU lays the foundation for a potentially lasting peace deal between the United States and Iran in the next 60 days – and should all go to plan, the Strait of Hormuz should remain open…
The Iran war has shaken the global oil supply: US reserves are almost empty. When ships can pass the Strait of Hormus is still unclear.
Hawaii Tribune-Herald
BizTocStocks of oil in US Strategic Petroleum Reserve falls to lowest since 1983
HOUSTON — Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 340.3 million barrels, the lowest level since 1983, according to data from the Department of Energy on Monday, signaling tight supplies just as the U.S. and Iran agree on a deal to end the war and open the Strait of Hormuz. The post Stocks of oil in US Strategic Petroleum Reserve falls to lowest since 1983 appeared first on Hawaii Tribune-Herald.
Is Donald Trump threatening the oil bankruptcy? Last week, America's oil reserve shrunk to the lowest level since 1983 - dangerously close to the border, where experts fear security of supply.
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