Name: U.S. Emergency Oil Reserve Hits Lowest Levels Since 1983: Why It Matters
Uploaded: 2026-07-18T16:00:00Z
Duration: 2 min 40 s
Description: Oil shocks from the war with Iran and the Russia-Ukraine conflict have left the U.S. Strategic Petroleum Reserve at its lowest level since 1983. WSJ’s David Uberti explains how we got here.

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Oil shocks from the war with Iran and the Russia-Ukraine conflict have left the U.S. Strategic Petroleum Reserve at its lowest level since 1983. WSJ’s David Uberti explains how we got here. Photo Illustration: Grace Shin

https://m.wsj.net/video/20260717/ce1ffdde-ca8b-42c1-afc4-ef13c8c38932/2/hls/manifest-hd-wifi.m3u8

Oil shocks from the war with Iran and the Russia-Ukraine conflict have left the U.S. Strategic Petroleum Reserve at its lowest level since 1983. WSJ’s David Uberti explains how we got here.

 U.S. Emergency Oil Reserve Hits Lowest Levels Since 1983: Why It Matters

The US Strategic Petroleum Reserve is at its lowest level since 1983 and it's expected to drop further. The Iran War unleashed the largest physical supply disruption in the history of the oil market.

Earlier today, the International Energy Agency agreed to coordinate the release of a record 400 million barrels of oil from various national petroleum reserves around the world.

The Trump administration agreed to release 172 million barrels of oil from the US stockpiles. These reserves are a series of salt caverns stretching across Texas and Louisiana and they hold hundreds of millions of barrels of oil designed to blunt the effect of supply disruptions to the oil market. And when those disruptions occur, like the Iran war, officials essentially pump water into the bottom of these salt caverns, pushing oil upwards into pipelines and eventually into the global oil market. The SPR has become a political football in recent years, both because Congress is using the SPR as a piggy bank to pay for many US domestic policy programs. And at the same time, the Biden administration authorized the largest drawdown in US history to help blunt the impact of the supply shock from the Ukraine war. That left the SPR at some of its lowest levels and even after the Biden administration bought back some oil on the open market, the US SPR was at a pretty low level.

This country needs to regain its independence from foreign sources of energy and the sooner the better.

The SPR was created in the 1970s after a series of oil supply shocks hammered the US economy. When the SPR was conceived, the US is a huge importer of oil. Now, the US is the largest oil producer in world history. And that really raises a question of to what extent the reserves should be rebuilt after the war with Iran concludes. Essentially, the US government is loaning oil companies crude oil from the US SPR that they will then have to return after the end of the exchange program. This will be a slow process. Analysts that I've spoken to believe that the exchange program will take one if not multiple years in order to bring some of that oil back to the SPR, which also raises an additional question about the future ways in which the government could use this resource. When an individual site is actually adding oil to the stockpile, it can't release oil at the same time. So if the SPR is taking back oil in these exchange programs, it may not also be able to release oil if there is a subsequent geopolitical shock.