{"id":73629,"date":"2026-10-26T11:38:17","date_gmt":"2026-10-26T15:38:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-strategic-petroleum-reserve-hits-44-year-low-as-gas-prices-eclipse-biden-era-averages\/73629\/"},"modified":"2026-10-26T11:38:17","modified_gmt":"2026-10-26T15:38:17","slug":"us-strategic-petroleum-reserve-hits-44-year-low-as-gas-prices-eclipse-biden-era-averages","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-strategic-petroleum-reserve-hits-44-year-low-as-gas-prices-eclipse-biden-era-averages\/73629\/","title":{"rendered":"US Strategic Petroleum Reserve Hits 44-Year Low as Gas Prices Eclipse Biden-Era Averages"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US Strategic Petroleum Reserve (SPR) stocks fell to 282.6 million barrels last week<\/strong>, the lowest level since 1982, as the administration grapples with supply disruptions.<\/li>\n<li><strong>National average gasoline prices have reached $4.27\u2013$4.29 per gallon<\/strong>, officially exceeding the average price recorded during the Biden administration ($3.69) just ahead of the November 3 midterm elections.<\/li>\n<li><strong>A high-stakes quadrilateral meeting between Iran, Pakistan, Turkey, and Saudi Arabia<\/strong> concluded in Tehran, focusing on regional security and the ongoing conflict with Israel.<\/li>\n<li><strong>Russian President Vladimir Putin is scheduled to meet separately with Iran\u2019s President Pezeshkian and the Qatari Emir<\/strong> in Moscow on Tuesday to discuss energy and regional stability.<\/li>\n<li><strong>Market analysts predict gas prices will remain above $4.00 per gallon<\/strong> through the election cycle, driven by a 60% surge in Brent crude prices following the outbreak of the Iran conflict in early 2026.<\/li>\n<\/ul>\n<p>The <strong>U.S. Strategic Petroleum Reserve (SPR)<\/strong> has plummeted to its lowest level in over four decades, reaching <strong>282.6 million barrels<\/strong> last week. This milestone marks the lowest inventory since 1982, reflecting the intense pressure on domestic energy supplies as the U.S. navigates a volatile global market.<\/p>\n<p>Energy costs have become a central flashpoint for the upcoming midterm elections, with <strong>President Donald Trump&#39;s<\/strong> second-term gasoline prices now exceeding the average seen under the <strong>Biden administration<\/strong>. According to federal data and AAA, the national average for regular unleaded gas stands at approximately <strong>$4.29 per gallon<\/strong>, up from roughly <strong>$3.12<\/strong> when Trump returned to office in January 2025.<\/p>\n<p>The price surge is largely attributed to the &quot;Operation Epic Fury&quot; conflict with <strong>Iran<\/strong> that began in February 2026, which has severely disrupted shipping in the <strong>Strait of Hormuz<\/strong>. Analysts from GasBuddy and <a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Energy note that while prices have dipped slightly from summer peaks, a &quot;price floor&quot; remains in place due to damaged refining capacity and global crude benchmarks like <strong>Brent crude<\/strong> trading near <strong>$112 per barrel<\/strong>.<\/p>\n<p>On the diplomatic front, a significant quadrilateral meeting involving <strong>Iran, Pakistan, Turkey, and Saudi Arabia<\/strong> ended today in Tehran. Hosted by Iranian President <strong>Masoud Pezeshkian<\/strong>, the talks aimed to establish a &quot;model of justice and development&quot; for Muslim nations while addressing regional security threats. The meeting included high-level officials such as Saudi Defense Minister <strong>Prince Khalid bin Salman<\/strong> and Turkish intelligence chief <strong>Ibrahim Kalin<\/strong>.<\/p>\n<p>Simultaneously, the Kremlin confirmed that <strong>President Vladimir Putin<\/strong> will host President Pezeshkian and the <strong>Qatari Emir, Sheikh Tamim bin Hamad Al Thani<\/strong>, in Moscow on Tuesday. These meetings, occurring on the sidelines of the <strong>Gas Exporting Countries Forum (GECF)<\/strong>, are expected to focus on the <strong>International North-South Transport Corridor<\/strong> and energy security as Russia and Iran deepen their strategic alignment.<\/p>\n<p>Voter sentiment remains fragile as the November 3 elections approach, with polls from the <strong>New York Times<\/strong> and <strong>Siena University<\/strong> showing a 73% disapproval rating for the current administration&#39;s handling of gas prices. With diesel prices also hovering near <strong>$6.30 per gallon<\/strong>, the cost-of-living squeeze continues to overshadow broader economic growth and low unemployment figures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US Strategic Petroleum Reserve (SPR) stocks fell to 282.6 million barrels last week, the lowest level since 1982, 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