US Begins Emergency Oil Reserve Release of 86 Million Barrels

The Trump administration started the process of a mammoth drawdown of the US emergency oil reserve, issuing a request to exchange 86 million barrels of crude oil.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — The Trump administration started the process of a mammoth drawdown of the US emergency oil reserve, issuing a request to exchange 86 million barrels of crude oil. Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Deliveries from the Strategic Petroleum Reserve, part of a massive 172 million barrel release announced Wednesday, are expected to begin moving to market by the end of next week, the Energy Department said in a statement Friday.The release, which is expected to take four months to complete, is part of a 400 million barrel effort coordinated with other nations aimed at lowering crude, gasoline, diesel and jet fuel prices that have climbed dramatically since the US-Israel invasion of Iran. The war has brought shipping traffic to a virtual standstill in the Strait of Hormuz, through which roughly a fifth of the world’s oil flows.It has also political pressure on President Donald Trump to address rising fuel costs prior November’s midterm elections. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Read: US to Release 172 Million Barrels of Oil for IEA Relief PlanUnder the terms of the exchange, companies will return the borrowed oil to Energy Department with additional barrels as a premium. Bids for the solicitation are due no later than 5 p.m. CT on March 17, the department said. The Trump administration has arranged to replace the withdrawn oil with about 200 million barrels within the next year, the Energy Department said earlier this week, adding it would be 20% more than what would be drawn down.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.