Energy Secretary Chris Wright said Wednesday that the United States will release 172 million barrels from the Strategic Petroleum Reserve as part of the International Energy Agency’s efforts to combat steep oil prices amid the Iran war.
WATCH: Can tapping into oil reserves help stabilize prices?
Wright said the release would begin next week and take about 120 days “to deliver based on planned discharge rates.” He also said the U.S. would replace about 200 million barrels within the next year.
The U.S. had more than 415 million barrels in the SPR as of the end of last month.
President Donald Trump previously downplayed the importance of using reserve oil, but confirmed earlier Wednesday that his administration would “reduce it a little bit” and then fill it back up.
“Trump is doing what I called for three days ago, after needlessly sowing additional chaos and uncertainty,” Senate Minority Leader Chuck Schumer said in a statement Wednesday. He added that Trump has “already created a lot more problems than this will solve – from the Strait of Hormuz blockade to his poorly planned and reckless war.″
Trump frequently criticized the administration of former President Joe Biden for tapping the reserve to try and bring down gas prices.
