Energy Secretary Chris Wright announced Wednesday that America will tap into its emergency oil stockpile, releasing 172 million barrels in an effort to bring down soaring gas prices caused by the ongoing Middle East conflict.
The massive oil release comes as part of a coordinated international response, with the 32-member International Energy Agency agreeing earlier Wednesday to release a total of 400 million barrels globally.
According to Wright, the oil distribution will kick off next week and is expected to take approximately four months to complete.
Gas prices have skyrocketed since the U.S. and Israel launched military operations against Iran starting February 28. Iran has retaliated with strikes targeting Israel and Gulf nations that host American military installations.
The conflict has created significant economic uncertainty worldwide, particularly after Iran’s Islamic Revolutionary Guard Corps threatened to halt oil shipments through the Gulf region unless American and Israeli military actions stop. These threats have sent shockwaves through global financial markets.
When reporters asked President Donald Trump earlier Wednesday about potentially using the nation’s strategic oil reserves, he indicated the administration would “reduce it a little bit.”
Wright assured Americans that the country has plans to rebuild these emergency reserves, stating: “The United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year.”
