A massive reserve, decreasing

The U.S. Strategic Petroleum Reserve held 727 million barrels of oil in 2010. In mid-September 2026, it held 285 million, its lowest level since the early 1980s. The drawdown from 2021 to 2023 was in response to oil price shocks from the Russia-Ukraine war. The 2026 drawdown was a response to the closure of the Strait of Hormuz.