Trump says he’ll tap Strategic Petroleum Reserve to cut energy costs
The Strategic Petroleum Reserve (SPR) Bryan Mound storage facility located in Brazoria County, Texas, is one of four sites that make up the country’s oil reserve.
Str New | Reuters
President Donald Trump said Wednesday that he will tap the Strategic Petroleum Reserve to help lower energy costs during the Iran war.
“We’ll do that, and then we’ll fill it up,” Trump said in an interview with Cincinnati broadcaster WKRC.
“I filled it up once, and I’ll fill it up again, but right now, we’ll reduce it a little bit, and that brings the prices down,” the president said.
Trump’s comments come after the International Energy Agency agreed Wednesday to release 400 million barrels of oil to address the massive supply disruption caused by the Iran war. It is the largest release of stockpiles in the more than 50-year history of the IEA.
The U.S. currently has 415 million barrels of oil in its strategic reserve, about 58% of the authorized capacity of 714 million barrels.
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