U.S. Department of Energy: Plans to Release 172 Million Barrels of Oil from Reserve Within 120 Days

BlockBeats News, March 12. US Energy Secretary Wright issued a statement regarding the Strategic Petroleum Reserve, stating that the 32 member countries of the International Energy Agency unanimously agreed to Trump's request to coordinate the release of 400 million barrels of crude oil and refined products from their reserves to lower energy prices. As part of this action, Trump authorized the Energy Department to release 172 million barrels of crude oil from the strategic petroleum reserve starting next week. Based on the planned release rate, delivery is expected to take about 120 days.

At the same time, Trump pledged to ensure US energy security by responsibly managing the strategic petroleum reserve. The US has arranged to replenish approximately 200 million barrels of the strategic reserve over the next year—20% more than the planned withdrawal amount—and at no cost to the taxpayers.