Depleted US Strategic Petroleum Reserve Struggles to Stabilize Markets Amid Ongoing Iran Conflict

Depleted US Strategic Petroleum Reserve loses potency as Iran war grinds on

Six months into the US-Israeli war on Iran, Washington may find it harder to calm jittery oil markets after US presidents drained the ageing Strategic Petroleum Reserve (SPR) over the last five years. The SPR, which Washington created after the oil crises of the 1970s, holds crude in a series of 60 underground salt caverns along the coasts of Texas and Louisiana. After years of releases by former President Joe Biden and President Donald Trump, the reserve is at its lowest level since 1982, ho...

By [email protected] (Reuters)