President Trump plans to tap into the U.S.’s oil stockpile, releasing 172 million barrels of oil.
Asked about the Strategic Petroleum Reserve during a visit to Ohio, Trump told TV station Local 12, “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.”
Shortly thereafter, the Energy Department issued a press release saying the administration would release 172 million barrels starting next week.
In a statement, Energy Secretary Chris Wright said that the release could take approximately 120 days.
The announcement comes hours after the International Energy Agency (IEA), of which the U.S. is a member, said that collectively, its members would release 400 million barrels of oil as part of an effort to bring down prices, the largest such release ever.
Wright said in his statement that the release would be part of the larger IEA 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.
Oil prices have risen as Iran has closed off the Strait of Hormuz, a key oil choke point.
As of last week, the U.S. oil stockpile had more than 415 million barrels of oil.
Former President Biden announced a drawdown of 180 million barrels from the reserve in 2022 to combat rising energy prices in the wake of Russia’s invasion of Ukraine.
Republicans including Trump have criticized Biden for his move to take oil from the reserve, saying it should be used for military reasons rather than to lower prices.
Wright, in his statement, sought to distinguish Trump’s action from Biden’s, saying the Trump administration planned to refill the reserve within the 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. Unlike the previous administration, which left America’s oil reserves drained and damaged, the United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year—20% more barrels than will be drawn down,” Wright said.
While the SPR’s level was lower when Biden left office than when he started, his administration did replace some of the barrels it released.
Historically, SPR barrels have been sold under both Democratic and Republican administrations in both emergency and non-emergency situations.
Oil prices have shot up in the wake of the conflict in Iran, and they have brought gasoline prices up with them. On Wednesday, the average U.S. gas price was $3.58 per gallon, up from $2.94 a month ago.
Updated at 7:24 p.m. EDT
