Market
Story
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.
View original story
Similar markets
Increase imports from Middle East • 25%
Increase imports from Canada • 25%
Increase imports from Africa • 25%
Other • 25%
Increase in nuclear • 25%
Increase in renewables • 25%
No significant change • 25%
Increase in fossil fuels • 25%
No significant change • 25%
Balanced approach • 25%
Increase in fossil fuel focus • 25%
Increase in clean energy focus • 25%