The U.S. government intends to release 172 million barrels of crude oil from its strategic petroleum reserve. This action is part of a coordinated international initiative aimed at mitigating the sharp increase in crude oil and gasoline prices resulting from the ongoing conflict with Iran.
The release, detailed in a statement from Energy Secretary Chris Wright, will require approximately 120 days to complete. The oil will be sourced from the U.S. Department of Energy's Strategic Petroleum Reserve. This move contributes to the International Energy Agency's broader plan for member nations to collectively release a total of 400 million barrels from global stockpiles.
Oil and gasoline prices have risen significantly since military actions by the U.S. and Israel against Iran commenced on February 28. The conflict has severely disrupted shipping traffic through the Strait of Hormuz, a critical passageway for approximately one-fifth of the world's oil supply.
The Strategic Petroleum Reserve currently holds about 415 million barrels, representing roughly 60% of its total capacity. This follows a series of withdrawals by the previous administration, which included a record 180-million-barrel sale intended to lower fuel prices after Russia's 2022 invasion of Ukraine—a decision that was criticized by former President Trump and other Republican leaders.
President Donald Trump has committed to replenishing the reserve. The reserve was established in salt caverns along the U.S. Gulf Coast following the 1970s Arab oil embargo and has a maximum storage capacity of approximately 713.5 million barrels.
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