Crude oil stockpiles in the U.S. Strategic Petroleum Reserve (SPR) have decreased to 298.7 million barrels, the lowest level since January 1983, according to data released by the Department of Energy on August 7, 2026. This marks a decline of 6.1 million barrels from the previous week. The SPR was established in 1975 and has an authorized storage capacity of 714 million barrels.
The decrease in the SPR is attributed to ongoing global pressures on oil inventories, particularly related to the conflict involving Iran. In March, President Trump ordered the release of 172 million barrels following disruptions in oil exports through the Strait of Hormuz. Once this release is completed, U.S. government stocks are projected to fall to approximately 243 million barrels.
David Goldwyn, a former State Department special envoy for international energy affairs, stated that there is still enough oil in the SPR for another release if necessary. He expressed confidence in the reserve's stability, despite concerns about aging infrastructure affecting its operational capabilities. A report from the Government Accountability Office (GAO) indicated that over a quarter of the SPR's inventory was unavailable for drawdown due to construction and cavern outages as of December 2025.
The GAO also noted that recent drawdowns, including a significant release of 180 million barrels by President Biden in response to the Ukraine conflict, have raised concerns about the long-term viability of the SPR. Goldwyn highlighted that frequent drawdowns could accelerate the degradation of the reserve's infrastructure.