Approximately 40% of the nation’s Strategic Petroleum Reserve will be released in an effort to lower energy prices.
The United States and its allies will release hundreds of millions of barrels of oil from strategic reserves in a coordinated effort to bring down global energy prices, U.S. Energy Secretary Chris Wright announced on March 11.
“Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves,” he said.
As part of the plan, U.S. President Donald Trump authorized the U.S. Department of Energy to release 172 million barrels from the U.S. Strategic Petroleum Reserve beginning next week.