Trump draining America's emergency oil reserve at 'historic pace' as Iran war shuts down Strait of Hormuz
Trump draining America's emergency oil reserve at 'historic pace' as Iran war shuts down Strait of Hormuz
Allison BloomTue, August 18, 2026 at 5:59 PM UTC
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America's oil reserve has dropped to the lowest level since 1982 -Credit:AFP via Getty Images
Data released by the Energy Department on Monday shows that U.S. Strategic Petroleum Reserve crude oil inventories fell by approximately 5.3 million barrels last week, to 293.4 million barrels, the lowest level since 1982.
This decline stems from a U.S. commitment to draw 172 million barrels from the stockpile. Back in March, the U.S., alongside other International Energy Agency member countries, tapped its strategic oil reserves to help stabilize the energy market following supply disruptions in the Middle East.
Business reporter Matt Egan spoke about the situation on CNN today. “The U.S. is draining emergency oil at a historic pace,” he announced.
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“Look at the US Strategic Petroleum Reserve. Another 5 million barrels were drained last week alone. It's now at its lowest point since late 1982, back when the Reagan administration was just filling up the SPR for the first time,” he explained.
Created in 1975 to prepare for future supply shocks following the 1973 oil embargo, the Strategic Petroleum Reserve nearly hit its full capacity of 727 million barrels in December 2009, peaking at 726.6 million barrels.
“No oil, no munitions, no money….good job…” one user commented on X.
“Going to be a lot of shocked Americans when that runs out and gas shoots to $10 a gallon,” wrote another.
With the war with Iran virtually shutting down the Strait of Hormuz and squeezing Middle Eastern energy supplies, US President Donald Trump's administration is attempting to lower fuel prices. Data from the analytics firm Kpler indicates that only three ships traversed the passage on Sunday, a decline from five on Saturday.
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The president has the authority to draw from the reserves during severe crude oil supply disruptions that threaten the American economy.
Matt Egan discusses Trump draining emergency oil at 'a historic pace' -Credit:CNN
“No oil, no munitions, no money….good job…” one user commented on X.
“Going to be a lot of shocked Americans when that runs out and gas shoots to $10 a gallon,” wrote another.
With the war with Iran virtually shutting down the Strait of Hormuz and squeezing Middle Eastern energy supplies, US President Donald Trump's administration is attempting to lower fuel prices. Data from the analytics firm Kpler indicates that only three ships traversed the passage on Sunday, a decline from five on Saturday.
The president has the authority to draw from the reserves during severe crude oil supply disruptions that threaten the American economy.
Trump draining emergency oil at 'a historic pace' -Credit:CNN
For example, former president Joe Biden released 180 million barrels over six months following Russia's invasion of Ukraine, and his administration subsequently bought back over 50 million barrels to replenish the reserve.
To help reduce costs at the pump, U.S. Energy Secretary Chris Wright informed reporters in Texas of plans to meet with domestic energy firms to discuss expanding refinery output.
Data from the automotive group AAA shows that the typical motorist now pays $4.06 per gallon ($1.07 per liter) for gasoline, up from $3.13 a year ago.
Addressing a rally in New York last week, Mr. Trump stated that citizens would need to tolerate higher fuel expenses during the ongoing conflict with Iran.
“Just remember, you're doing it so that a very evil country cannot ... really, it's the number one state sponsor of terror in the world. We don't want to have them have a nuclear weapon,” he told supporters.
Source: “AOL Money”
