The United States and its allies will release hundreds of millions of barrels of oil from strategic reserves in a coordinated effort to bring down global energy prices, U.S. Energy Secretary Chris Wright announced on March 11.
“Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves,” he said.
As part of the plan, U.S. President Donald Trump authorized the U.S. Department of Energy to release 172 million barrels from the U.S. Strategic Petroleum Reserve beginning next week.
The reserve currently holds about 415 million barrels of crude oil, according to recent federal data. The approved release represents roughly 40% of reserves.
“This will take approximately 120 days to deliver based on planned discharge rates,” Wright said.
He compared the move with the Biden administration’s management of the reserve, “which left America’s oil reserves drained and damaged.”
“The United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year—20% more barrels than will be drawn down—and at no cost to the taxpayer,” said Wright.
He pointed to “Iran and its terrorist proxies” who have “manipulated and threatened the energy security of America and its allies.”
