00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Trump administration will release 172 million barrels from the Strategic Petroleum Reserve
00:08as part of a coordinated effort with International Energy Agency members,
00:12according to Bloomberg. The release will take about 120 days and forms part of a
00:17broader global plan to discharge 400 million barrels from emergency reserves.
00:22Energy Secretary Chris Wright said the oil release is intended to offset supply disruptions
00:27caused by Iran and expressed hope that shipping traffic through the Strait of Hormuz will resume
00:32within weeks. The Strategic Petroleum Reserve holds about 415 million barrels, roughly 60 percent of
00:38its 713.5 million barrel capacity. Benchmark U.S. crude futures rose as much as 4.1 percent
00:46after the announcement. For all things money, visit Benzinga.com.
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