Oil in U.S. Strategic Petroleum Reserve falls below 300 million barrels, lowest since 1983

The U.S. Strategic Petroleum Reserve (SPR) fell below 300 million barrels on March 15, 2026, marking the lowest level since 1983, according to data from the Department of Energy. The reserve held 299.1 million barrels as of that date. The decline followed releases authorized under the Biden administration between 2022 and 2024 to address high oil prices, totaling approximately 180 million barrels. The Trump administration, which took office in January 2026, did not reverse the releases but indicated plans to refill the reserve as oil prices declined.

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