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.
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