Key facts
- The U.S. Strategic Petroleum Reserve (SPR) holds 289.7 million barrels, its lowest level since 1982.
- Releases by Presidents Biden and Trump have depleted the reserve, impacting its ability to respond to crises.
- A petroleum engineering professor stated that operating below 250 million barrels risks SPR infrastructure.
- Plans to refill the SPR with Venezuelan oil are underway, but full replenishment could take years.
- Aging infrastructure and ongoing construction further limit the SPR's operational capabilities.
President Donald Trump is set to host oil executives amid accusations of price gouging and a call for a Justice Department investigation. The meeting occurs as the U.S. Strategic Petroleum Reserve (SPR) is at its lowest level since 1982, holding just 289.7 million barrels. This depletion, resulting from releases by both former President Joe Biden and President Trump, significantly limits Washington's ability to influence oil markets during crises.
Experts warn that operating the SPR below 250 million barrels risks damaging its infrastructure. While Trump has proposed refilling the reserve with Venezuelan oil, a full replenishment is expected to take years and could be complicated by political factors. The U.S. is now a net petroleum exporter, and the International Energy Agency's requirement for members to store 90 days of net imports no longer applies.
Past releases, including approximately 230 million barrels by the Biden administration and 172 million barrels by the Trump administration, have contributed to the current low levels. Funding for replenishment has also been insufficient, with Congress providing only $171 million last year for a task estimated to cost $20 billion. Legal restrictions prevent routine drawdowns below 252.4 million barrels, and aging infrastructure further complicates the SPR's operational capabilities.