Here’s where to find what level the strategic petroleum reserve is sitting at.
The Strategic Petroleum Reserve, aka the SPR, is an emergency supply of petroleum maintained by the US Department of Energy.
First established in 1975, the reserves, located in underground tanks in Louisiana and Texas, hold about 714 million barrels of oil representing upwards of $52.8 Billion (as of this blog post.)
According to the Energy Information Administration, in 2021 the United States used, on average, 19.89 million barrels of petroleum a day.
Some simple math tell us the SPR holds enough petroleum to “run” the United States for a little over a month.
With Russia’s incursion and occupation of Ukraine, those countries siding with Ukraine, United States included, have banned importation of Russian oil.
With President Biden tapping into our nation’s strategic petroleum reserves to ease gas prices at the pump (and to some extent, win votes and bolster approval ratings) there’s been a renewed interest in just how much oil is left in our SPR.
Here’s what our current SPR level is and how to find historical data going back to 1983.
What’s the current SPR level?
The US Department of Energy is quite transparent, updating its Strategic Petroleum Reserve Inventory once a week and publishing the numbers on the DOE’s website via spr.doe.gov/dir/dir/html.
As of December 2, 2022, the SPR is at 387 million bbls or 54% capacity.
Where to find historical SPR data?
Historical data showing the SPR’s level is maintained by the U.S. Energy Information Administration at eia.gov (click here for the exact link) with weekly readings going all the way back to 1983.
We haven’t seen SPR levels this low since March of 1984.
Here’s a screenshot of the SPR’s level through December 2022.
As Russia’s occupation of Ukraine goes on, our nation’s SPR and its ability to provide a buffer for prices at the pump will be put to the test into 2023.
We may see SPR levels dip to its lowest levels yet.