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What will be the primary source of funding for the SPR refill by end of 2025?
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Trump Plans to Refill U.S. Strategic Petroleum Reserve with 300 Million Barrels, Seeks $25 Billion from Congress
Jan 20, 2025, 06:07 PM
President Donald Trump has announced plans to refill the U.S. Strategic Petroleum Reserve (SPR) to its maximum capacity, which would require purchasing approximately 300 million barrels of oil, after it reached its lowest levels since the 1980s during the administration of President Joe Biden. Trump stated that his administration will work to bring down energy prices, fill the strategic reserves, and export American energy globally. The SPR had been drawn down under Biden, with sales intended to control gas prices following Russia's invasion of Ukraine. Trump's plan would require about $25 billion from Congress to fund the purchase of crude oil. However, challenges such as the Jones Act and the lack of pipelines limit the SPR's ability to serve refineries in PADD 1, PADD 2, PADD 4, and PADD 5, as well as many in PADD 3.
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