- The Strategic Petroleum Reserve fell by 8.6 million barrels last week, the largest weekly drop on record.
- Reserves are now at their lowest since October 2024, as the Trump administration responds to ongoing energy market stress.
- Commercial crude and gasoline inventories also declined sharply amid Strait of Hormuz disruptions and strong export demand.
The U.S. Strategic Petroleum Reserve saw a record weekly drawdown of 8.6 million barrels, surpassing the previous record set under President Biden in 2022. The drawdown leaves emergency crude stocks at their lowest level since October 2024, according to data released Wednesday.
The release comes as the Trump administration seeks to stabilize energy markets amid global supply disruptions, including the closure of the Strait of Hormuz and robust export demand. Commercial crude and gasoline inventories also declined sharply, tightening supplies ahead of the peak summer driving season.
Analysts warn that with little room for further shocks, the U.S. faces elevated risk of price volatility if additional disruptions occur. “We’re entering summer driving season with unusually tight fuel supplies,” one analyst said. The administration has not commented on potential replenishment plans.
Correction: An earlier version of this article misstated the previous record drawdown date. It was under President Biden in 2022, not 2023.