Donald Trump campaigned in 2024 on rebuilding America’s emergency oil stockpile. In an August 2024 interview, he said: 'We have to fill up the strategic reserves immediately.'
His administration announced on September 29 that it would instead put another 40 million barrels of crude from the Strategic Petroleum Reserve, or SPR, into the market through an exchange with private companies.
The proposed release comes as the reserve holds 283.8 million barrels, measured in the week ended September 25. That is its lowest level in more than four decades.
If companies take the full amount offered, physical inventory would temporarily fall to about 244 million barrels. The figure is below the 252-million-barrel statutory threshold set by Congress, although that threshold does not apply to exchange transactions.
President Joe Biden authorised sales of about 180 million barrels from the SPR in 2022 after Russia’s invasion of Ukraine.
A Middle East conflict that began on February 28, 2026 triggered a coordinated emergency release. The United States committed 172 million barrels from the SPR to a 400 million-barrel action by members of the International Energy Agency.
The reserve has since declined by nearly 129 million barrels from the 413.5 million barrels held at the end of 2025, a fall of about 31% in less than nine months. It dropped below 300 million barrels in August for the first time since 1983.
The latest weekly data from the Energy Information Administration put the SPR at 284.552 million barrels for the week ending September 18, 2026.
Wright said in September that the United States and Japan were meeting their commitments to the international release, while several European member countries had released only a fraction of what they had pledged. 'While the United States and Japan are delivering on their commitments, several European member countries have released only a fraction of the crude oil and petroleum products they pledged,' he said.
Wright announced on March 7, 2025 that the administration would pursue Trump’s refilling goal. He now plans to seek up to $20 billion to return the reserve to its maximum capacity.
Its ability to do so is constrained by the condition of the storage system. As of December, when inventories were over 410 million barrels, the reserve could withdraw oil at 61% of its design rate and refill it at 56% of its design rate. More than a quarter of its inventory was unavailable for drawdown because of construction and cavern outages.
The Government Accountability Office warned in May that ageing infrastructure, maintenance backlogs and low inventory posed risks to the SPR’s ability to meet future drawdown and refill demands.
The narrow margin is measured in days. The remaining cushion before a president must formally declare an emergency covers less than two days of national demand, while America uses about 20 million barrels of oil every day.
The Department of Energy’s latest exchange calls for deliveries in November and December from the SPR’s two Texas storage sites, Bryan Mound and Big Hill. Companies have until October 6 to submit bids.
Demand for the offer is uncertain. In June, the department offered 40 million barrels, yet only one company agreed to borrow about 500,000 barrels.
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