US EditionIran war: Trump will release 172 million barrels of oil from Strategic Petroleum Reserve
The U.S. will release 172 million barrels over 120 days from underground Gulf Coast salt caverns to ease energy costs amid the Iran war, part of a 400 million barrel IEA coordinated effort.
- This week, the Trump administration ordered the release of 172 million barrels from the U.S. Strategic Petroleum Reserve, starting next week and rolling out over 120 days.
- To blunt rising prices, officials said the move aims to stem oil prices that hovered over $100 a barrel Friday amid the war with Iran, while AAA calculates average U.S. gas at $3.63, up 22%.
- Past responses included a 50 million barrels release in 2021 and disaster draws like 3.3 million barrels after Hurricane Ida and 11 million after Katrina, along with test sales of 5 million barrels in 1985 and 1990.
- The administration pledged that CBS News analysis finds the strategic stockpile will hit its lowest since 1982, while Chris Wright said the U.S. will more than replace the barrels within the next year.
- Created in 1975, the SPR was established under the Energy Policy and Conservation Act, with past precedent including the March 2022 release when a gallon averaged about $4.23.
169 Articles
169 Articles
The United States will begin the release of oil from its strategic reserve by the end of next week, with a first phase of 86 million barrels of crude oil.
New York, 13 Mar (EFE).- The U.S. Department of Energy (DOE) announced this Friday that it will begin the release of oil from its strategic reserve at the end of next week, with a first phase of 86 million barrels of crude oil. In a statement, the DOE notes that it has issued a Request for Proposals (RFP) for an exchange of oil from the strategic reserve with companies after announcing Wednesday that it will release 172 million barrels of oil. T…
Prediction: One Surprise Winner Emerges as Strategic Reserves Are Released
Key PointsThe U.S. will release 172 million barrels from the SPR to help offset the supply disruptions caused by the Iran war. Energy Transfer benefited from the 2022 SPR release. It should get a boost from the planned SPR release and replenishment. 10 stocks we like better than Energy Transfer › Oil prices have surged in the wake of the war with Iran. The conflict has caused a major supply disruption as crude-carrying ships can't safely pass th…
President Trump Makes Big Move to Bring Down Energy Costs in the Face of Rising Gas Prices
President Donald Trump has decided to tap America’s Strategic Petroleum Reserve in an effort to lower gas prices as military operations in Iran have created fear and speculation in the […] The post President Trump Makes Big Move to Bring Down Energy Costs in the Face of Rising Gas Prices appeared first on The Western Journal.
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