U.S. Pauses Plans to Refill Strategic Oil Reserve Due to High Prices, Raising Supply Concerns

The Department of Energy canceled plans to refill the Strategic Petroleum Reserve (SPR) due to high oil prices
The SPR is the world's largest emergency oil supply, established in 1975 for supply crises
The DOE withdrew a record 180 million barrels from the SPR in 2022 to offset Russia's invasion of Ukraine
The SPR currently holds 363 million barrels, down from nearly 600 million at the start of 2022
Critics are concerned the depleted reserves put the U.S. at risk and mean high gas prices will persist