The administration plans a 20 percent replacement for the amount of barrels released.
Energy Secretary Chris Wright announced the drawdown of oil from the Strategic Petroleum Reserve as part of the agreement by the 32 member nations of the International Energy Agency (IEA) to reduce energy prices by releasing a total of 400 million barrels.
“As part of this effort, President Trump authorized the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, beginning next week,“ Secretary Wright stated. “This will take approximately 120 days to deliver based on planned discharge rates.“
“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,“ the secretary continued. “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—and at no cost to the taxpayer.
“For 47 years, Iran and its terrorist proxies have been intent on killing Americans. They have manipulated and threatened the energy security of America and its allies. Under President Trump, those days are coming to an end. Rest assured, America’s energy security is as strong as ever,“ Secretary Wright concluded.
As the Lord Leads, Pray with Us…
- For Secretary Wright and U.S. energy officials as they oversee the drawdown from the SPR.
- For President Trump as he navigates the military operation in Iran and the impact it has on the energy sector.
Sources: Department of Energy
