The Indicator from Planet Money
The Indicator from Planet Money

How will the US refill its dwindling oil reserves?

September 22, 2026

AI Summary

5 min read

During President Trump’s inaugural address last year, he promised to refill America’s Strategic Petroleum Reserve (SPR), the nation’s backup oil source. “We will bring prices down. Fill our strategic reserves up again, right to the top,” he said. Since that day, the reserve has fallen another 30%. A war in Iran and a closed Strait of Hormuz have prevented much of the world’s oil from getting out, and the SPR has served as a price cushion, shielding Americans from the reality of low global oil supply. But now this backup oil is running out. Trump knows this, and he still wants to refill it—whether with Venezuelan oil or something else. The reserve is widely considered critical for energy security, and the question is: can Venezuelan oil save it?

The Strategic Petroleum Reserve: An Engineering Marvel

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What you'll learn

  • 1 (00:06) **The Promise vs. The Reality** - President Trump promises to fill the Strategic Petroleum Reserve "right to the top," but since that speech it has dropped another 30% due to geopolitical crises.
  • 2 (02:35) **Origin Story: The 1970s Oil Embargo** - The SPR was created after Arab countries launched a massive oil embargo on the U.S. following support for Israel during the Yom Kippur War.
  • 3 (03:12) **Engineering Marvel: Salt Caverns** - The U.S. stores oil in man-made underground salt caverns, not metallic tanks, creating massive cylindrical caves the size of the Empire State Building.
  • 4 (04:15) **When the SPR Has Been Used** - The reserve was first tapped in 1991 for Operation Desert Storm, then during Hurricane Katrina, providing a safety net during supply shocks.
  • 5 (05:02) **The Reserve is at a Critical Low** - The SPR is at its lowest point since 1982, dropping 55% in the last six years due to the Ukraine and Iran wars.
  • 6 (06:10) **The Challenge of Refilling** - Buying oil to refill the reserve requires Congressional approval, which is difficult during a time of significant fiscal deficit.
  • 7 (07:03) **The Headline Solution: Venezuelan Oil** - A private company granted the U.S. 20% control of current and future oil fields it operates in Venezuela, but the oil types are different, requiring a trading mechanism.

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Show Notes

Whether it’s oil from Venezuela or somewhere else, the U.S. Strategic Petroleum Reserve needs to be refilled. The SPR is widely considered critical for energy security.  On today’s show, the challenges to refilling the reserves at a time of high federal debt and climbing gas prices. 

Fact-checking by Sierra Juarez. 
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