America's Strategic Petroleum Reserve at Lowest Level Since 1983, Could Deplete by July

What was said

"We have the last time we were at this level of storage was 1983 and that was when we were on the upswing. We were filling it at that point in time. If we draw that line at 243 million barrels, you know, we've only got another 80 million barrels to go after last week's draw. So, uh, that gives us just, um, just a few weeks here at this current rate before it's completely gone."

Energy analyst Chris Martinson reveals that the U.S. Strategic Petroleum Reserve has been drawn down to 1983 levels, when it was still being filled, and warns it could be depleted by July if current drawdown rates continue. Martinson explains that statutory minimums require leaving 243 million barrels unless the Department of Defense approves further releases, and that half of all released SPR barrels have been shipped to Europe. He calculates only 80 million barrels remain available before hitting this floor, giving the country just weeks of cushion.