The US administration has announced that 172 million barrels of oil will be released from the Strategic Petroleum Reserve (SPR).
US Energy Secretary Chris Wright stated that 32 member countries of the International Energy Agency (IEA) unanimously accepted President Donald Trump’s request. The goal of this request is to lower energy prices by releasing a total of 400 million barrels of oil and refined products in a coordinated way.
The statement said, “As part of this effort, President Trump has authorized the Department of Energy to release 172 million barrels of oil from the Strategic Petroleum Reserve starting next week.”
The process of releasing the oil is expected to take about 120 days. According to the announcement, the government plans to refill the strategic reserves within the next year. They aim to add approximately 200 million barrels back into the reserve—which is 20% more than the amount taken out—at no cost to taxpayers.
