Oil stocks in US Strategic Reserve fall by 5.5M – lowest level since 1983

The U.S. Strategic Petroleum Reserve (SPR) is an emergency stockpile of crude oil stored in underground salt caverns along the Gulf Coast, created after the 1973–74 Arab oil embargo to cushion the U.S. against supply disruptions. The article reports that SPR inventories dropped by another 5.5 million barrels. The reserve has been drawn down heavily since 2022, when the Biden administration released a record 180 million barrels to combat gasoline price spikes after Russia's invasion of Ukraine. The SPR has not been replenished at the same pace, meaning it is now at levels not seen in roughly four decades. This matters because a diminished reserve leaves the U.S. with less buffer against future geopolitical shocks, hurricanes, or OPEC+ production cuts that could send oil prices sharply higher.