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US Emergency Oil Reserves Dwindle Amid Global Supply Crisis

KVIA•Thursday, May 28, 2026 at 11:00 AM•CNN Newsource

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The Strategic Petroleum Reserve (SPR) in the U.S. is rapidly depleting, with current levels nearing their lowest since the early 1980s. This significant reduction, driven by ongoing geopolitical tensions and a surge in oil exports, has seen reserves drop from approximately 638 million barrels in January 2021 to about 374 million barrels now. The situation is exacerbated by the closure of the Strait of Hormuz, which has disrupted global oil supply. As the U.S. becomes a key supplier for countries in Asia and Europe, the potential for rising gasoline prices looms, especially as the summer demand season approaches. Analysts warn that while limiting exports could temporarily ease domestic prices, it risks destabilizing the global energy market.

Key Details: • SPR has decreased by 10% since the onset of the Iran crisis. • Current SPR levels are at approximately 374 million barrels, the lowest since July 2024. • Cushing, Oklahoma's oil inventories have dropped to around 24.5 million barrels, nearing operationally-low levels. • Potential for U.S. export restrictions exists but is currently not being considered by the White House.

economy energy oil gas-prices exports

People & Organizations

TexasLouisianaU.S. Energy Information AdministrationHelima CroftRBC Capital MarketsStrait of HormuzMatt SmithKplerCushing, Oklahoma

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