US strategic petroleum reserve remains at low levels after drawdowns

The U.S. Strategic Petroleum Reserve, tapped in recent years to help control gasoline prices including during tensions involving Iran, remains at historically low levels. The reserve is meant to serve as a buffer against supply disruptions and price spikes, but repeated withdrawals have left it depleted.

Officials are now considering how to replenish the reserve, with one possibility being increased oil purchases from Venezuela. Refilling the reserve takes time and money, and decisions about timing and sourcing carry economic and geopolitical implications.