President Trump ordered the release of 172 million barrels of oil from the United States Strategic Petroleum Reserve on Wednesday. He acted after oil prices rocketed to their highest levels in years. The decision followed the U.S. war with Iran.
Conflict Causes Price Surge
Oil prices increased sharply because of the war. Subsequently President Trump turned to the strategic reserve for relief.
Energy Secretary Christopher Wright made the announcement Wednesday. He provided the specific timeline for the drawdown.
Releases Start Next Week
“The releases will start next week and take about 120 days,” Energy Secretary Christopher Wright said Wednesday in a statement. As reported by ALO360, the government will spread the operation over four months to stabilize supplies.
The full release will continue for about 120 days. Officials planned to inject the oil gradually into the market.
Strategic Petroleum Reserve Tapped
The reserve offered the United States a key tool for emergencies. President Trump utilized it to respond to the price surge.
The Energy Department readied the facilities for the releases. Teams worked to ensure a smooth rollout next week.
