The U.S. Department of Energy announced on March 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 request covers 86 million barrels, with companies required to return borrowed oil plus additional barrels as a premium.
This move is intended to strengthen the Strategic Petroleum Reserve and stabilize global energy markets without cost to American taxpayers. Early deliveries are expected by the end of next week, with oil coming from the Bryan Mound, West Hackberry, and Bayou Choctaw sites. The schedule for returning barrels is designed to protect commercial markets and maintain the reserve 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 requested by President Trump in which International Energy Agency member nations agreed to release 400 million barrels from strategic reserves due to disruptions caused by escalating tensions in the Middle East and attacks attributed to Iran and its proxies.
Currently, the Strategic Petroleum Reserve holds about 415 million barrels, up from approximately 395 million one year ago. The administration continues efforts to further strengthen this reserve as a key element of American energy security.
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.
