US to Release 172M Barrels from Strategic Oil Reserves

Largest coordinated release by International Energy Agency members aims to ease war-driven price spike

Mar. 12, 2026 at 3:42pm

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The Trump administration will release 172 million barrels from the Strategic Petroleum Reserve in a push to cool surging oil prices tied to the US war with Iran and attacks on tankers in the Strait of Hormuz. This is part of a broader effort by 32 International Energy Agency members to collectively inject 400 million barrels into the market, the largest coordinated release in the group's history.

Why it matters

The release of oil from strategic reserves is an attempt to stabilize global energy markets and provide relief to consumers facing high fuel prices due to supply disruptions caused by the ongoing conflict. However, some critics argue the move may only provide temporary relief and that more long-term solutions are needed.

The details

The drawdowns will start next week and run for about 120 days. Energy Secretary Chris Wright said the US expects to replace 200 million barrels within a year and predicted Hormuz shipping could resume "in the next few weeks," well before the released oil reaches markets. Trump, who had previously criticized President Biden for tapping the reserve, suddenly changed course and touted the plan as a way to "substantially reduce" prices.

  • The drawdowns will start next week and run for about 120 days.
  • The US expects to replace 200 million barrels within a year.

The players

Chris Wright

Energy Secretary

Donald Trump

Former US President

Chuck Schumer

Democratic leader in the US Senate

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What they’re saying

“We'll do that, and then we'll fill it up.”

— Donald Trump (Politico)

“Trump should've begun releasing oil days ago and has "created many more problems than the strategic petroleum reserve will solve." He added Americans are "paying the price," as gas prices in the US climbed to an average of $3.58 a gallon.”

— Chuck Schumer, Democratic leader (New York Times)

What’s next

The US expects to replace 200 million barrels of oil within a year after the initial 172 million barrel release.

The takeaway

The coordinated release of oil from strategic reserves by the US and its allies is an attempt to provide short-term relief to consumers facing high fuel prices, but more long-term solutions may be needed to address the underlying supply and demand imbalances driving the price spike.