U.S. Energy Secretary Chris Wright said he plans to ask Congress for up to $20 billion to replenish the nation's oil reserves to maximum capacity, Bloomberg reported Friday.
The Strategic Petroleum Reserve, created after the Arab oil embargo in the 1970s, has a maximum capacity of 714 million barrels. However, the Biden administration depleted the reserve to 395 million barrels.
Wright aims to restore holdings "just close to the top," an effort that would take years, he told Bloomberg. It would also fulfill a pledge made by President Donald Trump during his inaugural address to protect the U.S. from future disruptions to the crude supply.
"Ultimately, that's what it was built for — to have the maximum security for the American people," Wright told Bloomberg.
Congress would need to approve funding to refill the SPR.
The U.S. sold 290 million barrels under former President Joe Biden, which Wright said "appears" to have caused damage to the SPR, which already had infrastructure issues due to its age, according to the report.
"Was there some damage from the rapid drawdowns?" Wright told Bloomberg. "It appears that there was. So, certainly, some of the money we are going to spend is going to be maintenance."
Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.
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