This study examined the hypothesis that running speed over 800- and 1,500-m races is regulated by the prevailing anaerobic (oxygen independent) store (ANS) at each instant of the race up until the all-out phase of the race over the last several meters. Therefore, we hypothesized that the anaerobic power that allows running above the speed at maximal oxygen uptake (VO2max) is regulated by ANS, and as a consequence the time limit at the anaerobic power (tlim PAN=ANS/PAN) is constant until the final sprint. Eight 800-m and seven 1,500-m male runners performed an incremental test to measure VO2max and the minimal velocity associated with the attainment of VO2max (vVO2max), referred to as maximal aerobic power, and ran the 800-m or 1,500-m race with the intent of achieving the lowest time possible. Anaerobic power (PAN) was measured as the difference between total power and aerobic power, and instantaneous ANS as the difference between end-race and instantaneous accumulated oxygen deficits. In 800 m and 1,500 m, tlim PAN was constant during the first 70% of race time in both races. Furthermore, the 1,500-m performance was significantly correlated with tlim PAN during this period (r=-0.92, P<0.01), but the 800-m performance was not (r=-0.05, P=0.89), although it was correlated with the end-race oxygen deficit (r=-0.70, P=0.05). In conclusion, this study shows that in middle-distance races over both 800 m and 1,500 m, the speed variations during the first 70% of the race time serve to maintain constant the time to exhaustion at the instantaneous anaerobic power. This observation is consistent with the hypothesis that at any instant running speed is controlled by the ANS remaining.