Trump vows to refill Strategic Petroleum Reserve using Venezuelan oil
President Trump announced Sunday that the U.S. will fill up the Strategic Petroleum Reserve as part of the oil deal with Venezuela, claiming the reserve was 'virtually emptied' under Biden. The deal grants the U.S. control of over 65 billion barrels of oil, with a joint venture giving the U.S. government a majority stake. Trump's statement follows criticism from Democrats over the agreement, which came after the capture of former Venezuelan President Nicolás Maduro.
The Strategic Petroleum Reserve currently holds roughly 289.7 million barrels, a nearly 30 percent drop since the start of the year, according to Energy Information Administration data. Under former President Biden, the reserve fell from over 638 million barrels in January 2021 to under 395 million by January 2025. The authorized storage capacity is 714 million barrels, meaning the reserve is less than half full. Trump’s announcement follows his administration’s Friday deal with Venezuela, which grants a U.S.-government-majority joint venture 100-year concessions on oil fields holding 63 billion barrels of proven reserves. Venezuelan President Delcy Rodriguez said the agreement would develop 17 strategic fields and generate over $209 billion in tax revenue for her government.
This deal could reshape U.S. energy security by providing a long-term, government-controlled oil supply, potentially lowering dependence on other foreign sources. However, critics may worry about the geopolitical implications of partnering with a government that succeeded Maduro, and whether the promised oil flows will materialize. The SPR refill could stabilize domestic fuel prices in a crisis, but the arrangement’s 100-year scope and majority U.S. stake may raise questions about entanglement in Venezuela’s internal affairs.