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📂 **Category**: department of energy,oil prices,strategic petroleum reserve
✅ **What You’ll Learn**:
The United States will release 172 million barrels of Strategic Petroleum Reserve as part of the International Energy Agency’s efforts to combat high oil prices amid the war with Iran, Energy Secretary Chris Wright said Wednesday.
He watches: Can oil reserves be used to stabilize prices?
The release will begin next week and take about 120 days “to deliver based on planned discharge rates,” Wright said. He also said that the United States will replace about 200 million barrels over the next year.
The United States had more than 415 million barrels in strategic reserves as of the end of last month.
President Donald Trump has previously downplayed the use of reserve oil, but confirmed earlier Wednesday that his administration would “reduce it a little bit” and then fill it again.
“Trump is doing what I called for three days ago, after needlessly sowing more chaos and uncertainty,” Senate Minority Leader Chuck Schumer said in a statement on Wednesday. He added that Trump “has already created far more problems than this can solve – from his blockade of the Strait of Hormuz to his reckless and poorly planned war.”
Trump often criticized the administration of former President Joe Biden for exploiting the reserve to try to lower gas prices.
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