Energy secretary seeks $20 billion to refill U.S. oil reserve

Investing.com -- U.S. Energy Secretary Chris Wright is looking to secure up to $20 billion in funding to meet President Donald Trump’s objective of replenishing the nation’s diminished oil reserve to its full capacity, as reported by Bloomberg News on Friday.

In his conversation with Bloomberg News, Wright stated that the plan aims to restore the reserve levels to just below the maximum, ensuring effective operational status.

Wright emphasized the original purpose of the reserve, stating, "Ultimately that’s what it was built for — to have the maximum security for the American people."

President Trump announced last month that his administration would promptly refill the Strategic Petroleum Reserve. He has previously criticized his predecessor, Joe Biden, for using the reserve to reduce gasoline prices.

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