Trump Vows to Refill US Strategic Petroleum Reserve if Elected
Former President Donald Trump announced his intent to refill the US Strategic Petroleum Reserve (SPR) immediately if he wins the presidency in November.
In a recent interview with Fox News, former President Donald Trump declared his intent to immediately refill the US Strategic Petroleum Reserve (SPR) should he win the presidency in November. Trump's proposal aims to boost oil demand by hundreds of millions of barrels, a significant move given the current state of the reserve.
"We have to fill up the strategic reserves immediately," Trump emphasized. He highlighted that the SPR is at its lowest level since 1983, containing 375 million barrels of oil as of July 26, just over half its capacity. To restore the reserve to the levels seen during his presidency, the US would need to purchase nearly 300 million barrels of crude, which would require Congressional approval for new funding.
The SPR, the world's largest supply of emergency crude oil, was established in the 1970s in response to a series of oil crises. It is stored in massive salt caverns along the Gulf of Mexico's coastline. In 2022, President Joe Biden released approximately 180 million barrels to curb rising fuel prices following Russia's invasion of Ukraine. This release has been a point of contention among Republicans, who argue that the Biden administration's use of the SPR to stabilize gasoline prices during an election year is inappropriate.
"He’s using the strategic reserves, which is meant for military, which is meant for war and very important things, he’s using it to try to keep gasoline prices down and we can’t allow that to happen," Trump stated.
During his presidency, Trump oversaw a drawdown of 57 million barrels from the SPR, according to data from the US Energy Information Administration (EIA). In contrast, the Biden administration has recently increased crude oil purchases to replenish the reserve following the historic 2022 sale.
The US, which consumes about 20 million barrels of oil daily, faces significant logistical and financial challenges in replenishing the SPR. The debate over the reserve's purpose and use continues to be a critical issue in the political landscape, particularly as the nation prepares for the upcoming presidential election.
