America's emergency oil reserve is about to hit lowest level since Reagan era [View all]
Source: The Independent
Thursday 11 June 2026 06:48 BST
President Donald Trump's ongoing war with Iran is draining America's emergency supply of crude oil — which is just days away from hitting its lowest level in more than 40 years, according to a report Wednesday.
Since March, Trump has tapped 66 million gallons of oil from the Strategic Petroleum Reserve to keep exports flowing and prevent Americans from seeing their price at the pumps reach new heights, Fortune said.
The reserve dipped to a 3-year low of 349.2 million barrels on June 5 and is being depleted at a rate of nearly 9 million barrels a week. If it falls under the 346.7 million barrel mark reached in July 2023 under then-President Joe Biden, it will be lower than since Ronald Regan was president in 1983.
“It’s a pretty monumental number to hear multi-decade lows reached,” Patrick De Haan, head of petroleum analysis at GasBuddy, told Fortune. “The longer this goes on, the fewer tools the administration has in dealing with it, and the more risk there is to a slingshot for costs.”
Read more: https://www.independent.co.uk/news/world/americas/us-politics/trump-oil-iran-us-war-crude-oil-reserves-b2993726.html
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