Just when you thought gas prices could not get any higher, the real oil crisis is beginning to brew underground in America’s key oil reserve.

The U.S. Strategic Petroleum Reserve (SPR) is intended to maintain a stockpile of crude oil for periods of wartime or economic instability. The Iran War has pushed the U.S. to drain the SPR, which is now reaching critical levels, U.S. Energy Information Administration (EIA) data shows.

The price of oil has surged past $100 per barrel as Houthi rebels have begun attacking ships in the Red Sea, Reuters reported, putting even more pressure on an already-constrained oil market.

Some analysts argue that the amount of usable oil in the SPR is much smaller than the official EIA numbers suggest.

The SPR has been drained by nearly 25% over the last 17 weeks, according to the EIA data, declining from 415.4 million barrels on March 20, 2026, to 311.4 million barrels on July 17, 2026. (Read more from “Warning Signs Flash As America’s Oil Reserves Bleed For Iran War” HERE)

The U.S. Military’s Tomahawk Crisis: How Many Are Left, What the Iran War Used, and What a China War Would Take: As of July 17, 2026, the United States has fired well over 1,000 Tomahawk cruise missiles at Iran, the largest expenditure of the weapon in history, and with the ceasefire declared dead on July 8, the meter is running again. Roughly 2,000 to 3,000 missiles are estimated to remain, against a production line that has built about 90 a year. The sharper question is the one the war has forced into the open: whether the magazine that just emptied into Iran could sustain the conflict it exists to deter, against China or Russia. The honest answer, drawn from the Pentagon’s own wargames, is unsettling.

Nearly five months into America’s war with Iran, one of the conflict’s most consequential numbers has nothing to do with targets destroyed. It is the count of Tomahawk cruise missiles expended, because that count has collided with three facts the defense establishment has known for years and hoped not to test at once: the inventory is finite and smaller than most people assume, the production line is a trickle, and the wars planners most worry about, in the Western Pacific, would demand these weapons at rates the stockpile cannot meet. With the ceasefire declared over on July 8 and CENTCOM striking dozens of coastal air-defense, naval, and logistics targets in the days since, the expenditure is climbing again. Here is the full picture as of July 17: what is left, what has been used, and what the next war would take.

Start with the honest caveat: the Pentagon classifies its exact munitions inventories, so every figure here is an estimate, and the estimates have converged downward as the war has gone on. Before the conflict, open-source assessments of the total stockpile put the total at 4,000 or more Tomahawks, while the cautious estimates were closer to 3,100. The credible current numbers are lower and cluster tightly. The Center for Strategic and International Studies estimated this spring that the U.S. still had around 3,000 Tomahawks, and the Stimson Center’s Kelly Grieco put the figure at about 3,100, summarizing the pattern bluntly: America keeps recognizing it lacks long-range strike capacity, keeps trying to build stockpiles, and, in her words, “we keep depleting them.” Reconcile those estimates against the more than 1,000 missiles fired, and the arsenal remaining today most likely sits somewhere between roughly 2,000 and the high 2,000s, a spread whose very width tells you how little Washington discloses. Whatever the true number, it is spread across Navy destroyers, cruisers, and attack submarines, the four converted Ohio-class guided-missile submarines that carry up to 154 apiece, and new Army and Marine ground launchers.

The expenditure has been historic by every measure. U.S. warships fired roughly 400 Tomahawks in the first 71 hours of Operation Epic Fury alone, principally to smash Iran’s air defenses and command nodes. By the end of the first month, the total passed 850, which made this, by a wide margin, the largest Tomahawk campaign ever conducted, more than Operation Desert Fox’s 325 and Desert Storm’s 288 combined. Firing continued to the April 8 ceasefire, and CSIS’s munitions review, citing updated Wall Street Journal reporting, put the figure at more than 1,000 Tomahawks expended. The same review tracked parallel drawdowns across the rest of the precision magazine, including heavy use of Patriot and THAAD interceptors against Iranian barrages and large expenditures of air-launched JASSM cruise missiles. Since the ceasefire collapsed this month, strikes have resumed, and no updated official count exists; the only precise statement available as of July 17 is that the true number now exceeds 1,000 by an undisclosed and growing margin. (Read more from “The US Military Just Emptied A Third Of Its Deepest Missile Magazine Into Iran — And The Pentagon’s Own Wargames Say The Next War Empties It In Days” HERE)