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The U.S. government’s Strategic Petroleum Reserve (SPR) is at its lowest level since 1983 as inventories that were already low before the Iran war come under increasing pressure.

Data released by the Department of Energy on Monday showed that the number of barrels of oil in the SPR declined by 6.1 million barrels last week, ending the week at 298.7 million barrels in inventory.

That is the lowest level in the EIA’s weekly data on SPR stocks since January 1983.

SPR inventories have fallen this year after President Donald Trump in March authorized the release of up to 172 million barrels in response to the impact of the Iran war on energy supplies, as Iranian attacks have slowed the flow of tanker traffic through the Strait of Hormuz.

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The Strategic Petroleum Reserve inventories fell to the lowest level since 1983 last week. (Brandon Bell/Getty Images)

The Trump administration announced the releases on March 11, 2026, while EIA data shows that the SPR had about 415.4 million barrels of oil in inventory during the middle of March – with inventories now down about 116 million barrels as of early August.

The latest SPR releases follow a historic drawdown over the last several years, beginning with the release of 180 million barrels that was authorized by the Biden administration in response to Russia’s invasion of Ukraine in early 2022.

Inventories had been around 600 million barrels at the start of 2022 and fell to 375 million barrels by the end of the year. 

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The Strategic Petroleum Reserve was established in response to the oil shocks of the 1970s. (Luke Sharrett/Bloomberg via Getty Images)

When SPR levels hit a low of about 347 million barrels in the summer of 2023, they began to gradually recover and reached 400 million barrels in May 2025. They hit a recent peak of over 415 million barrels in February, before the latest round of drawdowns began in March.

The SPR was created in 1975 under the Energy Policy and Conservation Act in response to the OPEC oil embargo of 1973-74, which was imposed by Arab countries in OPEC as retaliation for the U.S. resupplying Israel’s military during the Yom Kippur War.

The SPR was initially intended to have a capacity of 1 billion barrels of oil, although it never reached that level. Currently, the SPR has a congressionally-authorized maximum of about 714 million barrels of oil, while its highest ever inventory was 726.6 million barrels in December 2009 when it had an authorized capacity of 727 million barrels. 

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A contractor works on a crude oil pipeline at the Department of Energy’s Bryan Mound Strategic Petroleum Reserve in Freeport, Texas. (Luke Sharrett/Bloomberg via Getty Images)

SPR reserves are stored at four locations thousands of feet below ground in salt caverns because those geological formations are more advantageous than surface facilities in terms of cost and maintenance, in addition to environmental and security concerns.

Geological pressures naturally seal cracks that emerge in salt formations to prevent leaking oil from seeping out, while the temperature difference keeps oil circulating to maintain its quality. Salt caverns can also be enlarged to fit precise dimensions through a mining process in which the salt is dissolved using fresh water.

The Government Accountability Office (GAO) issued a report in May which warned that Congress and the Department of Energy need to develop a unified long-term plan to address the SPR’s maintenance needs and a strategy for managing inventories into the future.

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The One Big Beautiful Bill Act, which Republicans in Congress and Trump enacted in July 2025, included $171 million for acquiring petroleum products to be stored in the SPR, as well as $218 million to maintain the SPR.

Americans got into more than six million traffic accidents last year. 

Depending on the type of crash, the chance of getting a payout from your insurer has become increasingly remote.

Auto insurers didn’t pay out on 45% of auto liability and medical claims they resolved last year, according to a Wall Street Journal analysis of thousands of company regulatory filings. That rate might change slightly as more claims are resolved, but it is up from around one in three, or 35%, of such claims a decade ago.

Americans are required to pay for car insurance as a condition of driving. Yet often, the insurance doesn’t provide the financial backstop that car owners were expecting.

The jalapeno recall came after Coast Citrus Distributors, which supplied the company with its peppers, recalled its own fresh jalapeno because of the salmonella concerns.

Taylor Farms said a grower in Sinaloa, Mexico, had been identified as the source of the outbreak and that it “is no longer sourcing products from this farmer and will be filling orders from alternative suppliers”.

“Consumers who have any recalled product should discard it immediately and not consume it. Refunds are available at the location of purchase,” it added.

Eating food contaminated with salmonella usually leads to illness within 12 to 72 hours, external. Symptoms include diarrhoea, fever and stomach pain, according to the US Food and Drug Administration.

The recall includes products such as pico de gallo salsa, several types of guacamole, burritos, spicy sandwiches and fresh sliced jalapenos.

The retailer operates Bath & Body Works in the UK through its partnership model

Next is planning a “major upgrade” of its store at Cribbs Causeway near Bristol and is also opening a standalone Bath and Body Works outlet at the shopping centre, it has announced.

The retailer, which operates Bath and Body Works in the UK through its partnership model, has confirmed it will be bringing the concept to the South West for the first time after agreeing to lease a 1,797 sq ft unit at The Mall.

It is also planning to upsize its own clothing store at Cribbs to a larger 47,000 sq ft space in a move it says will allow it to showcase more fashion and accessories.

Katie Searle, director of asset management at Sovereign Centros from CBRE, said: “Cribbs has become a hub for brands to test new store concepts and product ranges to help them stay ahead of the competition.

“The Next at Cribbs Mall is among the retailer’s best stores in the country so we are not surprised that they are bringing Bath and Body Works to Cribbs whilst committing to a major upgrade of their space to create new flagship concepts for the South West.

“These premium stores at Cribbs will act as showrooms, with shoppers of all ages from across the West Country, West Midlands, South West and South Wales travelling to explore the latest styles and trends.”

The investment by Next follows a run of brands opening or expanding at The Mall at Cribbs Causeway over the past few years.

M&S completed a full refit of its 103,000 sq ft store at the end of 2024, adding a market-style foodhall and café, while expanding its footwear department and upgrading its beauty section.

H&M also opened a new regional flagship at Cribbs Causeway that year, incorporating new tech features across the store, while Boots invested in a modernised beauty hall, which has more than 30 premium brands.

Other retailers to open within the shopping centre in recent months include Miniso, AllSaints, Animal, Levi’s, and Rodd & Gunn.

According to CBRE, Cribbs’ retailers have experienced a 26 per cent rise in domestic visitors over the past year as well as a 13 per cent growth in Gen Z shoppers.

Sovereign Centros from CBRE provides full asset management services across Cribbs on behalf of M&G Real Estate, while Time Retail Partners and Cushman & Wakefield are retained letting agents for the centre, with Green & Partners retained in the leasing advisory role.

The Powerball jackpot surged to an estimated $905 million ahead of Monday night’s drawing, making it the eighth-largest prize in the game’s history.

The pot grew after no ticket matched all six numbers from Saturday night’s drawing.

The white balls were 5, 9, 35, 54 and 63. The red Powerball was 7 and the Power Play multiplier was three.

It now has an estimated cash value of $391.9 million, according to the lottery.

The Powerball jackpot is now the eighth-largest in the game’s history. (Brandon Bell/Getty Images)

The odds of winning a prize are 1 in 24.9, while the odds of hitting the jackpot are 1 in 292.2 million.

Though there was no jackpot winner in the latest drawing, four tickets matched all five white balls and won $1 million each, the lottery said. Winning Match 5 tickets were sold in Arizona, Florida, Michigan and New York. A ticket matching all five white balls was sold in Texas and included the Power Play option, increasing the prize to $2 million. 

Monday’s drawing will mark the 43rd in the current jackpot run.

The odds of winning a prize are 1 in 24.9, while the odds of hitting the jackpot are 1 in 292.2 million. (CatLane/iStock)

The Powerball jackpot was last won on May 2, when two tickets in Florida and Texas split a $20 million prize.

The winner can choose between a lump sum payment or an annuitized prize – one immediate payment followed by 29 annual payments. Both options are before taxes.

The Powerball jackpot now has an estimated cash value of $391.9 million, according to the lottery. (Reuters/Andrew Kelly)

Powerball tickets are sold in 45 states, Washington, D.C., Puerto Rico, the U.S. Virgin Islands and the United Kingdom. Drawings occur three nights a week, on Monday, Wednesday and Saturday.

The biggest Powerball jackpots:

1. $2.04 billion – Nov. 7, 2022 – California
2. $1.817 billion – Dec. 24, 2025 – Arkansas
3. $1.787 billion – Sept. 6, 2025 – Missouri, Texas
4. $1.765 billion – Oct. 11, 2023 – California
5. $1.586 billion – Jan. 13, 2016 – California, Florida, Tennessee
6. $1.326 billion – April 6, 2024 – Oregon
7. $1.08 billion – July 19, 2023 – California
8. $905 million – Aug. 10, 2026 (current prize, estimated jackpot)
9. $842.4 million – Jan. 1, 2024 – Michigan
10. $768.4 million – March 27, 2019 – Wisconsin