U.S. Department of Energy said recently filling the nation’s strategic petroleum reserve will require $20 billion and several years to complete. Chris Wright, energy secretary in the administration of new president Donald Trump, said March 7 he will seek $20 billion to restore holdings “close to the top.” The SPR, world’s largest emergency crude oil stockpile with capacity to store 727 million barrels, now holds about 395 million barrels.
Reuters said $20 billion would buy about 301 million barrels of U.S. crude oil at today’s prices to leave SPR still below 700 million barrels.
The administration of President Joe Biden sold nearly 300 million barrels from the reserve after Russia invaded Ukraine to leave it at its lowest level in 40 years. The latest purchase for SPR was made in November for deliveries through May 2025.