As Trump's war with Iran and the closure of the Strait of Hormuz drive up oil prices, the United States is draining its Strategic Petroleum Reserve to historically low levels. The reserve now sits at about 357 million barrels, down nearly 60 million since the war began, and is approaching its lowest point since 1983, based on Energy Department data.
The government has approved early releases and exports from the reserve, coordinated with other nations, to keep global oil prices from spiking further. Patrick De Haan of GasBuddy said the reserve is “probably just about a week or two away from reaching its lowest level since 1983.” Energy Secretary Chris Wright defended the drawdown: “We're paying a price to solve a huge problem. We appreciate the American public's commitment to this.”
Analysts warn that depleting the emergency reserve leaves the country more vulnerable to future supply shocks, the petroleum equivalent of the weapons-stockpile depletion the war has already caused (see New York Times: The Iran War Has Drained U.S. Weapons Stockpiles Below the Level Needed to Confront a Near-Peer Adversary, at a Cost Nearing $1 Billion a Day).