US Plans to Buy 40M Barrels of Oil After Iran Conflict Ends

The United States plans to add 40 million barrels of oil to its emergency reserves once the Iran conflict ends, according to Energy Secretary Wright.

America keeps a huge supply of oil underground called the Strategic Petroleum Reserve (SPR) - think of it as the country's emergency gas tank. When oil prices spike or supplies run low, the government can release this oil to help stabilize prices at the pump.

Current Situation: • The SPR now holds 357 million barrels - the lowest since January 2024 • The US is releasing 172 million barrels to help manage oil prices during the Iran conflict • This is part of a global effort to release 400 million barrels worldwide

The SPR has been on a roller coaster ride in recent years. Under President Biden (2021-2025), the reserve dropped from 638 million to just 347 million barrels - nearly 300 million barrels released to combat high gas prices after Russia invaded Ukraine. That's like emptying almost half the tank!

President Trump promised to refill the reserve when he took office in 2025, and it climbed back to about 415 million barrels. But the Iran conflict that started in February 2026 forced new releases, bringing levels down again.

Once tensions ease, the planned 40 million barrel purchase would be a small step toward refilling America's oil savings account. At its peak, the SPR held 727 million barrels - today it's at roughly half that level.

This is an AI-generated summary. Read the original article at: https://investinglive.com/news/energy-sec-wright-we-will-refill-the-spr-by-40m-barrels-after-iran-conflict-is-over-20260605/