Donald Trump's failure to refill the Strategic Petroleum Reserve has left the US exposed to price shocks as tensions with Iran escalate. The reserve, drained by Biden's 2021-2022 releases to combat inflation, now holds just 415 million barrels—less than 60% of its 714 million barrel capacity. Trump had vowed in his inauguration speech to refill the stockpile but missed opportunities when oil prices were lower.

Industry experts warn that the depleted reserve leaves the US vulnerable to supply disruptions. The closure of the Strait of Hormuz would complicate replenishment efforts, while rapid drawdowns risk damaging the salt caverns in Texas and Louisiana. Refilling would cost over $20 billion, yet Congress allocated only $171 million of the requested funds. The reserve currently holds about 20 days of US consumption.

US oil prices have jumped 16% since Trump's Iran attacks, pushing gasoline to $3.25 per gallon, the highest since April. While the administration explores alternatives like Navy escorts and futures trading, analysts say tapping the diminished SPR may become necessary if prices spike further. Critics across party lines blame both administrations—Biden for the initial drawdown and Trump for failing to rebuild the stockpile despite having two years to act.