WASHINGTON, June 26 (Reuters) — The Trump administration has no immediate plans to replenish the nation’s Strategic Petroleum Reserve (SPR), White House spokeswoman Karoline Leavitt announced Thursday.The reserve, established in the 1970s after the Arab oil embargo, is a critical national security asset designed to protect the U.S. from major supply disruptions. However, the SPR is currently at its lowest level since the 1980s, after President Joe Biden ordered record releases starting in 2022 to help control surging fuel prices following Russia’s invasion of Ukraine and the resulting global energy market instability.According to data from the Department of Energy, the SPR now holds less than 350 million barrels of crude oil, down from over 600 million barrels before the releases began. Energy analysts have warned that without timely refilling, the U.S. will have limited ability to cushion against future supply shocks.In recent weeks, oil prices have shown increased volatility amid geopolitical tensions in the Middle East and uncertainty over OPEC+ production decisions. Earlier this week, sources reported that OPEC+ is considering another output hike in August to meet rising global demand, which could impact prices further.Republican lawmakers and industry groups have urged the administration to develop a strategy to rebuild the SPR before another crisis emerges, while some Democrats have called for shifting away from reliance on fossil fuels and focusing on renewable energy investments instead of replenishing the reserve.Meanwhile, gasoline prices in the U.S. have remained relatively stable, with the national average hovering around $3.65 per gallon, according to AAA. But experts caution that unexpected geopolitical events or natural disasters could quickly disrupt supply and drive prices higher without the buffer of a robust SPR.The Biden administration had previously announced a plan to begin refilling the SPR once crude oil prices dropped to around $67–$72 per barrel, but prices have remained above that range for most of the past year. West Texas Intermediate (WTI) crude futures were trading at about $77 per barrel on Thursday.
