By Yinka Oduntan
The President of the United States, Donald Trump, has announced plans to release crude oil from the country’s strategic petroleum reserves in a bid to stabilise rapidly rising global oil prices.
Trump made the disclosure during an interview with Local 12 news station on Wednesday, stating that the move was aimed at easing pressure on the energy market.
“We’ll do that, and then we’ll fill it up,” the president said, adding that the release of the reserves would help push oil prices down.
Earlier, the International Energy Agency (IEA) said its member countries would collectively release a record amount of oil into the global market to address supply concerns.
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According to the agency, its 32 member states—including the United States will release a combined total of 400 million barrels of crude oil.
The U.S. Department of Energy also confirmed plans to release 172 million barrels from the U.S. strategic petroleum reserve beginning next week, with the process expected to last about four months.
Government officials noted that the U.S. strategic petroleum reserve remains the world’s largest emergency stockpile of crude oil.
The reserve was established primarily to mitigate the effects of major supply disruptions and to enable the United States to meet its international energy obligations during periods of crisis
