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US Energy Secretary: Strategic Petroleum Reserve to be Released via Swap Method in Short Term, 172 Million Barrels Already Released

Macroeconomics Geopolitics

2026-03-12 11:48:51

Gate News reports that on March 12, U.S. Secretary of Energy Jennifer Granholm issued a statement regarding the Strategic Petroleum Reserve (SPR) release plan. Granholm stated that the short-term release of the SPR will be conducted through swaps. Regarding the global supply situation, she pointed out that oil supply in the Western Hemisphere has not experienced real tightness, and the tension is mainly concentrated in Asia. Concerning specific operational data, the U.S. has released 172 million barrels of crude oil, with a return of 200 million barrels expected within a year. Additionally, Granholm reiterated that actions in Iran will take weeks rather than months. On maritime security, she said that currently, naval escort operations are not feasible, but measures for naval escort will be launched soon.

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