Trump Says He’s Replenishing US’s Oil Reserve. How Did It Get So Depleted?

August 31, 2026 3:03 PM ET President Donald Trump announced plans to refill the Strategic Petroleum Reserve (SPR) with Venezuelan oil after drawdowns tied to the war in Iran further depleted a reserve already nearly cut in half under the Biden administration. Trump announced the “biggest oil deal in the world” on Friday, saying his administration had secured more than 65 billion barrels of Venezuelan oil reserves in a deal with the country’s interim president, after having arrested its former dictator, Nicolás Maduro. Trump said the oil would be used to more than double the American oil reserves and help reduce future U.S. gas prices. (RELATED: US Resumes Iran Strikes After Observing Preparations To Mine Hormuz Strait)Sunday, Trump doubled down, saying much of the oil would be used to refi