Trump promised to fill America's oil reserves 'right to the top.' A year later, oil has exceeded $100 and they're still less than 60% full | Fortune

"We will bring prices down, fill our strategic reserves up again right to the top, and export American energy all over the world. The president didn't set a deadline for himself to do so-but in retrospect, an expedient one might have been useful. A little over a year after his declaration, the U.S. is heavily involved in a conflict in the Middle East that has left a hole in globally traded petroleum supply and caused U.S. gas prices to jump."

"The reserve currently holds 416 million barrels of crude oil, out of a maximum capacity of 714 million barrels-around 58%, according to the Department of Energy's latest inventory report from Feb. 18. Since Trump began his second term, the reserve's volume has only risen by around 5%."

"The U.S. petroleum reserve was established in 1975 by former President Gerald Ford in the wake of another oil shock sparked by supply cuts in the Middle East. An oil embargo agreed upon by exporter nations in the early 1970s caused years of high inflation and slow growth in the U.S., and officials saw a strategic reserve as a necessity to navigate unexpected supply disruptions and price shocks."

President Trump declared a national energy emergency in January 2025 and pledged to refill the Strategic Petroleum Reserve to maximum capacity while exporting American energy globally. However, over a year later, the reserve holds only 416 million barrels of its 714 million barrel capacity—approximately 58%—with only a 5% increase since Trump's second term began. Meanwhile, military conflict in the Middle East has disrupted petroleum shipments through the Strait of Hormuz, causing U.S. gas prices to spike. This situation mirrors the 1970s oil crisis that prompted the reserve's creation in 1975 under President Gerald Ford, when an OPEC embargo triggered inflation and economic stagnation.

Read at Fortune