Trump’s Iran war drops US oil reserves to a 40-year low with gas prices skyrocketing

PoliticsBusiness & Finance
17 Aug 2026 • 9:00 PM MYT
The Independent
The Independent

The world’s most free-thinking newspaper

Trump’s Iran war drops US oil reserves to a 40-year low with gas prices skyrocketing

  • America's Strategic Petroleum Reserve has dropped below 300 million barrels, to its lowest level in 40 years, due to ongoing withdrawals during the war with Iran.
  • Petroleum experts warn that repeated rapid drawdowns threaten the stability of the underground salt caverns, raising the risk of structural cave-ins.
  • Drivers face record late-summer gas prices, with the AAA national average reaching a mid-August high of $4.07 per gallon.
  • The Department of Energy rejected concerns over cavern collapse, stating that the Trump administration is responsibly managing the national security asset.
  • A Government Accountability Office report previously warned that continuous drawdowns reduce the reserve's long-term viability, with officials describing infrastructure fixes as temporary Band-Aids.

IN FULL

Newswav Malaysia Best News App

Newswav is an online content aggregator and obtains its content from different online sources. The content in the app do not belong to Newswav nor do they reflect the opinions of Newswav and its staff. Your use of this app indicates your understanding and acceptance of this information.

Newswav Sdn. Bhd. (201701008480 (1222645-M)) 2026 All Rights Reserved