The U.S. Department of Energy announced on Mar. 13 that it has issued a Request for Proposal for an emergency crude oil exchange from the Strategic Petroleum Reserve, making available 86 million barrels as part of a previously announced 172-million-barrel exchange. The move is intended to strengthen the reserve and stabilize markets without cost to taxpayers, with companies required to return borrowed oil plus a premium.
This action comes as global oil supply routes face disruptions due to escalating tensions in the Middle East and attacks attributed to Iran and its proxies, which threaten energy flows through key maritime corridors. The exchange is part of a coordinated international effort led by President Trump, where International Energy Agency member nations agreed to release 400 million barrels from strategic reserves.
Early deliveries are expected by the end of next week from the Bryan Mound, West Hackberry, and Bayou Choctaw sites. Return barrels will be scheduled in a way that protects commercial markets and maintains the reserve’s role as a national security asset. Kyle Haustveit, Assistant Secretary of the Hydrocarbons and Geothermal Energy Office, said, “Today’s action reflects President Trump’s continued commitment to safeguarding U.S. energy security and contributing constructively to global market stability. By participating in the coordinated international release, we are helping ensure that supply remains reliable during a period of heightened global uncertainty. We will continue to work closely with our partners to support a resilient energy system while maintaining the long‑term strength and readiness of the Strategic Petroleum Reserve.”
Currently, the Strategic Petroleum Reserve holds about 415 million barrels, up from approximately 395 million barrels one year ago. The administration continues efforts to further strengthen this reserve as part of broader American energy security measures.
In related initiatives, the Department of Energy announced $225 million for implementing new building energy codes funded by President Biden’s Bipartisan Infrastructure Law; Secretary Jennifer Granholm encouraged international cooperation on clean energy transitions; DOE officials highlighted technology development for environmental cleanup missions; an innovative passive process using crushed marble was applied at Savannah River Site for groundwater remediation; $96 million was allocated for advancing clean vehicle technologies; and 146 programs were launched supporting President Biden’s Justice40 Initiative aimed at delivering clean energy investments to disadvantaged communities.
Bids for this solicitation must be submitted by 5:00 P.M. Central Time on Tuesday, March 17. More information about the Strategic Petroleum Reserve can be found on DOE’s website.
