New release of oil reserves will put U.S. supplies at 40-year low
By Elliott Ramos
Published on March 13, 2026.
The United States has ordered the release of 172 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPP), making it the second-largest release from the reserve in its history. The move is intended to reduce oil prices, which have risen over $100 a barrel amid the Iran war. The release, which will begin next week and spread over 120 days, would bring the nation's oil reserves to around 243 million barrels, down 41% from their current 415 million barrels. This would leave the strategic stockpile at its lowest levels since 1982. The last major drawdown of oil reserves occurred in 2022, when former President Joe Biden ordered a release of 180 million barrels to combat rising gas prices caused by the Ukraine war.
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