SPR Dips Below 300 Million Barrels, Four-Decade Low

The U.S. Strategic Petroleum Reserve fell to 298.7 million barrels last week, a four-decade low and below 300 million for the first time since January 1983, as ongoing releases amid supply pressures from Iran reduce stockpiles. The SPR’s drawdown has been supported by previous orders, with the minimum safe level around 70 million barrels; GAO warns aging infrastructure limits drawdown capability, though officials say there is enough oil left to allow another release if needed.