The Trump administration plans to take advantage of low oil prices to replenish 1 million barrels of the Strategic Petroleum Reserve.

Jin10 data reported on October 22, according to officials from the U.S. Department of Energy, the Trump administration plans to procure 1 million barrels of crude oil for the U.S. Strategic Petroleum Reserve (SPR), taking advantage of falling oil prices to begin replenishing this understocked reserve. Officials stated that the Department of Energy is expected to announce on Tuesday local time that it is seeking crude oil deliveries for December and January, with funding coming from the $171 million portion of the tax and spending bill signed by Trump that is specifically allocated for crude oil purchases. The U.S. benchmark crude oil WTI has fallen about 30% since its mid-January peak, trading at approximately $58 per barrel on Tuesday, close to its lowest level since 2021. Trump has vowed to refill the SPR, which has a maximum capacity of about 700 million barrels, with current reserves at approximately 408 million barrels, but the government has limited funds available for procurement.