The US emergency oil reserve is at its lowest since 1982 while Brent sits near $115
America's Strategic Petroleum Reserve has fallen to about 283 million barrels as Washington releases oil to cushion the Hormuz disruption. Brent is still near $115, so the buffer is shrinking while the shock is not over.
America's Strategic Petroleum Reserve is the country's emergency oil stockpile, stored in underground salt caverns along the Gulf Coast. It exists for one job: to give the government something to draw on when supply is suddenly cut off. This autumn it is being used for exactly that, and the stockpile has shrunk to a level not seen in more than four decades.
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