US oil reserve hits 44-year-low amid Iran war, global energy shortage
Summary
The U.S. Strategic Petroleum Reserve has dropped to its lowest level since 1982 due to releasing millions of barrels of oil in response to a global energy shortage linked to the Iran war. The reserve now holds about 286.6 million barrels, which is around 40% of its capacity, as the government tries to ease higher oil prices.Key Facts
- The U.S. Strategic Petroleum Reserve fell below levels not seen since 1982.
- It dropped by more than 3 million barrels in one week, ending August 28, 2026.
- The reserve currently holds 286.6 million barrels of oil, about 40% of its total 714 million barrel capacity.
- The reserve is stored underground in salt caverns along the Gulf coasts of Texas and Louisiana.
- The reserve was created after the 1970s Arab Oil Embargo to provide emergency oil supply during shortages.
- The U.S. released about 128 million barrels from the reserve since the Iran war started in late February 2026.
- The International Energy Agency coordinated a release of 400 million barrels among its 32 member countries to manage the supply crisis.
- Historically, the reserve has been used in emergencies only four times before this event, including recent releases after the Russian invasion of Ukraine.
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