The United States’ Strategic Petroleum Reserve (SPR) is rapidly depleting as President Donald Trump releases oil at a faster pace ahead of the midterm elections. The reserve, located in underground caverns in Texas and Louisiana, now holds crude oil volumes close to the lowest levels since the early 1980s, when the US economy and energy consumption were significantly smaller. The accelerated drawdown follows Trump’s earlier criticism of President Joe Biden for selling oil from the SPR during the 2022 campaign period to keep gasoline prices low.

Energy intelligence firm Kpler’s chief oil analyst Matt Smith said the barrels released from the reserve will eventually need to be replaced, which could push prices higher. The shrinking stockpile highlights the challenge US officials will face in refilling the reserve, potentially sustaining both demand and prices in the energy market.

The SPR, the world’s largest emergency crude oil reserve, has historically been used by both Republican and Democratic presidents to stabilize supply disruptions caused by wars, hurricanes, or other crises.