U.S. Strategic Petroleum Reserve at Multi-Decade Low Amid Refill Efforts and Political Debate
The U.S. Strategic Petroleum Reserve (SPR), an emergency oil stockpile located along the Gulf Coast and overseen by the Department of Energy, was established after the 1970s oil crisis to provide a buffer in case of supply disruptions. Currently, the SPR holds just over 400 million barrels, significantly below its approximate 700 million barrel capacity and marking a multi-decade low.
During 2021 and 2022, the Biden administration released about 300 million barrels from the SPR — 50 million barrels in 2021 and roughly 1 million barrels per day over six months in 2022. This drawdown reflects responses to market conditions but contributed to the reserve's depletion.
The Department of Energy began efforts to refill the SPR in October 2025, aiming to have crude oil deliveries completed by the end of the year. Refilling the reserve could cost up to $20 billion. Funding and approvals have been parts of ongoing discussions, with approximately $218 million allocated for maintenance and $171 million dedicated to refilling in current budget measures. Additional funds for replenishing the SPR have been debated by Congress, including a GOP proposal in May 2025 exceeding $1.5 billion, which was reduced after negotiations.
An exchange with ExxonMobil in July 2024 involved swapping 1 million barrels to address a disruption at the Baton Rouge refinery; ExxonMobil will return this oil plus an additional amount by the third quarter of fiscal year 2026.
The White House and allies of former President Trump have traded attribution over the SPR's condition. Trump supporters argue that the drawdown and Biden-era policies have harmed the reserve and affected prices, while pointing to the current decline in gas prices as evidence of the Trump administration’s energy approach and ongoing refill efforts. The U.S. consumes about 20.2 million barrels of oil per day, meaning the current SPR holdings could cover roughly 20 days of demand if used as the sole crude source.
