President Trump ordered the release of 172 million barrels of oil from the United States’ Strategic Petroleum Reserve on Wednesday. This decision comes as oil prices have surged to their highest levels in years amid tensions involving the U.S. and Iran.
Energy Secretary Christopher Wright announced in a statement that the releases will begin next week and are expected to continue for about 120 days.
This move is part of a coordinated effort by the International Energy Agency (IEA). Earlier on Wednesday, the IEA’s 32 member countries—most of which are U.S. allies—announced they would release a combined total of 400 million barrels of oil from their emergency reserves.
This is a breaking story and will be updated with more information as it becomes available.
https://www.cbsnews.com/news/trump-oil-strategic-petroleum-reserve-iran-war/