US Oil Reserve Falls to Lowest Level Since 1983 Amid Middle East Tensions

The US emergency oil reserve plunged to its smallest level since 1983 after officials released another 8.9 million barrels last week. This release, aimed at shielding consumers from high energy costs during the conflict with Iran, has brought the Strategic Petroleum Reserve down to just 340.3 million barrels—less than half of its capacity. Analysts warn that the reserve must stay at least 20% full to respond effectively to crises. Rapid drawdowns ahead of the US midterm elections have sparked concerns that there may be little cushion during peak hurricane season in the Gulf. Experts expect release rates to slow once a pledged 172 million-barrel drawdown is complete, but they caution that any major storm could leave markets underprepared.

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