The rapid drawdown of the U.S. Strategic Petroleum Reserve (SPR) could damage the caverns that store the oil, experts warn. The SPR has fallen below 300 million barrels for the first time since it was filled in the early 1980s:
The depletion of reserves raises risks to operations and cavern integrity as inventories continue to drop. The U.S. has released 172 million barrels in response to supply disruptions caused by the Iran war. The SPR is projected to sit at around 243 million barrels after the drawdown is finished:
The Energy Department has stated that at least 70 million barrels must remain in the reserve to safely manage the caverns. However, Amos Hochstein, a senior energy advisor to President Joe Biden, disputed that figure:
He noted that the reserve cannot go below 300 million barrels, as it risks damaging the storage caverns:
Concerns about the integrity of the storage caverns have been voiced by lawmakers from both parties:
