US to release 172M barrels from Strategic Petroleum Reserve
The Department of Energy announced today that it has been authorized by President Donald Trump to release 172 million barrels from the U.S. Strategic Petroleum Reserve, starting next week, in an effort to lower gas and oil prices amid the war in Iran.
"This will take approximately 120 days to deliver based on planned discharge rates," Energy Secretary Chris Wright said in a statement Wednesday.
The statement added that this was part of the International Energy Agency's agreement announced earlier Wednesday to coordinate the release of 400 million barrels of oil.
In an interview with local CBS affiliate WKRC in Ohio earlier Wednesday, Trump said that they would tap into the Strategic Petroleum Reserve in an effort to bring gas and oil prices down.
"Well, we'll do that, and then we'll fill it up. 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," Trump said.
-ABC News' Michelle Stoddart







