U.S. Strategic Petroleum Reserve Nears Historic Low Amid Continued Drawdown The U.S. Strategic Petroleum Reserve (SPR) held 365.1 million barrels of crude oil as of the week ending May 22, according to the latest report from the Energy Information Administration (EIA). That figure represents a decline of more than 50 million barrels since the conflict with Iran began on Feb. 28, officials said. The reserve now stands at its lowest level since April 2024. GasBuddy analyst Patrick De Haan predicted that at the current pace of drawdown, the SPR could reach levels last seen in August 1983 within days. That…
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