The Strategic Petroleum Reserve (SPR), which was created in 1975 in response to the OPEC oil embargo and is designed to mitigate supply disruptions and fuel price spikes for the US economy, recently fell under 300 million barrels (the lowest point since 1983). It's expected to decline even further after the latest stockpile release is completed to combat some Iran conflict disruptions to global energy markets. Oil prices have been volatile this year and could come under additional pressure if the SPR falls below its minimum operational capacity.
Source: Energy Information Administration, as of August 15, 2026.