US to tap into oil reserve as Iran conflict drives gas prices up

Energy Secretary Chris Wright said Wednesday the International Energy Agency “unanimously” agreed to President Donald Trump’s request to release 400 million barrels of oil and refined products from the U.S. and the other member nations.“Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves,” Wright said in the statement. 
The United States is expected to release 172 million barrels of oil from its own reserves and the effort is an attempt to bring down gas prices that have gone up since conflict broke out in the Middle East late last month.
The national average for gas was $3.578 per gallon on Wednesday, according to AAA, up from $3.198 last week.
Wright said the release from the Strategic Petroleum Reserve will begin next week and is expected to take a total of 120 days to complete. 
“President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise,” Wright said in a statement. 
“For 47 years, Iran and its terrorist proxies have been intent on killing Americans,” he continued. “They have manipulated and threatened the energy security of America and its allies. Under President Trump, those days are coming to an end.” 
The United States has approximately 415 million barrels of oil in its reserves as of March 6, according to Axios. But Wright said the U.S. has a plan to replace the outgoing reserve with approximately 200 million barrels within the next year.
Trump and Wright have assured Americans that the cost of the conflict will be temporary and that his administration will find solutions to bring down costs if they surge.

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