The U.S. Strategic Petroleum Reserve is low. Here's why you should care

After repeated drawdowns since the U.S.-Israel war with Iran began in February, the U.S. Strategic Petroleum Reserve has shrunk more than 30% in six months, from about 415 million barrels to under 285 million, its lowest level since the early 1980s. Gas and diesel prices remain high, and experts warn the rapid withdrawals can damage the salt caverns while leaving the administration little buffer to ease prices. The Trump administration is looking to a new oil partnership with a Venezuelan company to refill the reserve, but Energy Secretary Chris Wright says it would swap Venezuelan heavy crude for lighter U.S. crude, and experts note much of the new production is years or decades away. Some experts point to China, where growing electric vehicle fleets are cutting oil demand, as a lesson that the U.S. could also address reserve health by reducing demand.