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, marking the first step in a previously announced 172-million-barrel exchange. The initial solicitation covers 86 million barrels, with companies required to return borrowed oil plus additional barrels as a premium, aiming to reinforce the reserve and stabilize markets without cost to taxpayers.
This move is intended to address disruptions in global oil supply caused by escalating tensions in the Middle East and attacks attributed to Iran and its proxies, which have threatened key maritime energy routes. Early deliveries are expected by the end of next week from SPR sites at Bryan Mound, West Hackberry, and Bayou Choctaw. The returned barrels will follow a schedule designed to protect commercial markets and maintain the reserve’s role as a national security asset.
“Today’s action reflects President Trump’s continued commitment to safeguarding U.S. energy security and contributing constructively to global market stability,” said Kyle Haustveit, Assistant Secretary of the Hydrocarbons and Geothermal Energy Office. “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.”
The exchange is part of an international effort led by President Trump, where International Energy Agency member nations agreed to release 400 million barrels from strategic reserves worldwide. Currently, the Strategic Petroleum Reserve holds about 415 million barrels—an increase from approximately 395 million one year ago—as reported by DOE officials.
In related efforts, the Department of Energy announced funding for building energy code implementation through President Biden’s Bipartisan Infrastructure Law; Secretary Jennifer Granholm called on international cooperation for clean energy transitions; DOE leaders highlighted technology development for environmental cleanup; innovative groundwater remediation methods were applied at Savannah River Site; $96 million was allocated for clean vehicle technologies; and 146 programs were launched supporting President Biden’s Justice40 Initiative targeting investments in disadvantaged communities.
Bids for this emergency crude oil exchange must be submitted by March 17 at 5:00 P.M. Central Time. More information about the Strategic Petroleum Reserve can be found on DOE’s website.
