WASHINGTON, D.C.: The U.S. Energy Department estimates it will take US$20 billion and several years to refill the Strategic Petroleum Reserve (SPR) to full capacity, a goal set by President Donald Trump, the agency said this week.

On his first day in office, Trump pledged to replenish the reserve as part of his broader energy policy. The SPR, created in 1975 following the 1973 Arab oil embargo, serves as an emergency stockpile to counter supply disruptions from events such as hurricanes or geopolitical conflicts.

The reserve currently holds about 395 million barrels, far below its maximum capacity of 727 million barrels. The decline follows the Biden administration's sale of nearly 300 million barrels, including a record 180-million-barrel release in 2022 after Russia invaded Ukraine, which brought the SPR to its lowest level in 40 years.

"The Energy Department has not made any budget requests to Congress at this time," a department spokesperson said, adding that refilling the SPR will take years. Given other budget priorities, the department is unlikely to seek the full amount in a single request.

Energy Secretary Chris Wright told Bloomberg News that $20 billion would restore the reserve to "just close to the top." However, at current oil prices, that amount would only be enough to purchase about 301 million barrels, leaving the SPR still below full capacity.

Trump has criticized former President Joe Biden for depleting the reserve to stabilize gasoline prices. Biden's administration made its last oil purchase for the SPR in November, with deliveries scheduled through May. The administration also canceled congressionally mandated SPR sales, which both Republican and Democratic lawmakers had approved.

To maintain reserve levels, Trump may consider canceling remaining mandated sales to prevent excessive movement of oil in and out of storage sites. The SPR's crude is stored in underground salt caverns along the Texas and Louisiana coasts, and frequent transfers can accelerate wear and tear.

"To minimize wear on the facilities, we would expect DOE to pursue a cancellation of the scheduled sales," ClearView Energy Partners said in a research note.