U.S. Department of Energy: Plans to release 172 million barrels of oil within 120 days

MarsBitNews · 2026-03-12T00:49:27+00:00

U.S. Energy Secretary Granholm announced that a consensus has been reached to coordinate the release of 400 million barrels of crude oil and refined products to lower energy prices. Trump authorized the release of 172 million barrels of crude oil, expected to be completed within 120 days. At the same time, the U.S. plans to replenish 200 million barrels of strategic reserves to ensure energy security.

MarsBitNews

2026-03-12 00:49:27

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Mars Finance News: On March 12, U.S. Secretary of Energy Rick Perry issued a statement saying that the 32 member countries of the International Energy Agency unanimously agreed to Trump’s request to coordinate the release of 400 million barrels of crude oil and refined products from national reserves to lower energy prices. As part of this action, Trump authorized the Department of Energy to release 172 million barrels of crude oil from the Strategic Petroleum Reserve starting next week. Based on the planned release rate, it is expected to take approximately 120 days to complete the delivery. At the same time, Trump pledged to ensure U.S. energy security by responsibly managing the Strategic Petroleum Reserve. The U.S. has arranged to replenish about 200 million barrels of the strategic reserve within the next year—20% more than the planned withdrawal—at no cost to taxpayers.

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