President Donald Trump plans to release 172 million barrels of oil from the nation’s Strategic Petroleum Reserve as energy prices climb amid the conflict with Iran.
During a visit to Ohio, the president told Local 12 that the move is intended to help lower fuel costs while maintaining long-term energy security.
“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,” President Trump said.
Shortly afterward, the Department of Energy confirmed the plan in a press release, saying the oil will begin to be released starting next week. Energy Secretary Chris Wright said the drawdown could take about 120 days to complete.
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The announcement came hours after the International Energy Agency said its member nations would collectively release about 400 million barrels of oil from their national reserves to ease global prices. The coordinated action would be the largest such release on record.
Wright said the U.S. release would be part of that broader international effort.
“I’m pleased to report that earlier today, the International Energy Agency agreed to coordinate the release of a record 400 million barrels of oil from various national petroleum reserves around the world,” Trump said at a rally in Kentucky.
Energy markets have been under pressure after Iran closed the Strait of Hormuz, a major global oil shipping route through which a significant share of the world’s crude supply passes.
As of last week, the Strategic Petroleum Reserve held more than 415 million barrels of oil.
Former President Joe Biden ordered the release of 180 million barrels from the reserve in 2022 to help address rising fuel prices after Russia invaded Ukraine.
In his statement, Wright sought to distinguish the current action from the earlier release, saying the Trump administration intends to replenish the reserve within the next year.
“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,” Wright said.
He added that the administration has arranged to replace the withdrawn oil with about 200 million barrels over the next year, roughly 20 percent more than the amount being released.
