Trump authorizes the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve

The president Donald Trump authorized the release of 172 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) starting next week as part of an international effort to reduce energy prices, according to a statement from Energy Secretary Chris Wright.

"This will take approximately 120 days to deliver based on planned discharge rates," Wright reported. President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise. Unlike the previous administration, 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."

Wright's announcement was made after the 32 member countries of the International Energy Agency (IEA) agreed to a coordinated release of reserves totaling a total of 400 million barrels of oil and refined products. That agency, in addition to the United States, includes allies such as Japan, Germany, the United Kingdom and France.

Earlier, President Trump himself had previewed that the U.S. was going to dip "a little bit" into its reserve to try to lower crude oil prices and thus fuel.

“We’ll do that, and then we’ll fill it up,” Trump told Cincinnati news station Local 12. “I filled it up once, and I’ll fill it up again. But right now, we’ll reduce it a little bit, and that brings the prices down.”

The Strategic Petroleum Reserve, stored in subway salt caverns in Texas and Louisiana, is the nation's largest emergency crude oil inventory and is used to respond to severe energy supply disruptions.

The decision comes amid heavy volatility in oil markets following the outbreak of war with Iran, which, in retaliation for attacks by the US and Israel, has begun targeting oil infrastructure and crude oil vessels to disrupt traffic in the Strait of Hormuz.

"For 47 years, Iran and its terrorist proxies have been intent on killing Americans. They have manipulated and threatened the energy security of America and its allies," Wright said in the statement. "Under President Trump, those days are coming to an end."