Since the US is not (net-net) dependent on petroleum imports these days, being a net exporter, the original argument for the petroleum reserve seems moot.
It was created in 1975 when the US was dependent on imports and was hit by the Arab oil embargo. The reserve was intended to let the US ride out such external supply shocks. That sort of thing seems very unlikely today.
Now, it is arguable that there is still a function to the petroleum reserve, in evening out GLOBAL prices. But that is a very different kettle of fish. Does the US want to be the global oil price policeman?
“ That sort of thing seems very unlikely today.”
It was used in the aftermath of Katrina. No more huge earthquakes or hurricanes?