The action is part of the International Energy Agency agreement that coordinated national strategic reserve releases.
The U.S. Department of Energy opened competitive bidding last week for an emergency exchange of up to 92.5 million barrels of crude oil from the Strategic Petroleum Reserve. The deadline for bids was Monday morning.
Assistant Secretary for the Hydrocarbons and Geothermal Energy Office Kyle Haustveit explained, “These actions help move oil quickly into the market, address short-term supply pressures, and ensure that the Strategic Petroleum Reserve remains strong through the return of premium barrels.”
The department stated that the exchange continues the “execution of President Trump’s swift 172-million-barrel release as part of a coordinated 400-million-barrel action by International Energy Agency (IEA) member nations’ strategic reserves.“
As the Lord Leads, Pray with Us…
- For Secretary Chris Wright and Assistant Secretary Haustveit as they oversee the SPR exchange and the coordinated release of oil.
- For President Trump to seek God’s guidance as he considers energy strategies and options to improve the nation’s economy.
Sources: Department of Energy,
