Energy Chief Chris Wright pushes to replenish oil reserves after Biden-era drawdowns, seeks congressional funding for long-term security.
By yourNEWS Media Newsroom
U.S. Energy Secretary Chris Wright announced plans to request up to $20 billion from Congress to restore the Strategic Petroleum Reserve (SPR) to near maximum capacity, following significant drawdowns under the Biden administration, according to Bloomberg.
The SPR, established in response to the 1970s Arab oil embargo, has a maximum storage capacity of 714 million barrels but was depleted to 395 million barrels due to Biden’s withdrawals. The administration sold 290 million barrels, a move Wright said may have caused structural damage to the aging reserve.
“Was there some damage from the rapid drawdowns? It appears that there was,” Wright told Bloomberg, acknowledging the need for additional maintenance funding beyond replenishment.
The initiative aligns with President Donald Trump’s campaign promise to rebuild the SPR to protect the U.S. from future oil supply disruptions.
“Ultimately, that’s what it was built for—to have the maximum security for the American people,” Wright emphasized.
Restoring the SPR to full capacity would take years and Congressional approval remains uncertain, as lawmakers debate the necessity and budget implications of the request.
The move comes amid heightened concerns over energy security, with global oil markets remaining volatile and geopolitical tensions impacting supply chains.
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