Bessent: U.S. could do another SPR release to keep prices down - Fox Business Network interview

The U.S. Treasury Secretary Scott Bessent indicated during a Fox Business Network interview that the administration is considering an additional release from the Strategic Petroleum Reserve (SPR) to mitigate rising oil prices, should market conditions warrant such action according to Bessent. This statement follows the confirmed release of 172 million barrels from the SPR, announced earlier this week as part of coordinated efforts by the International Energy Agency to address price volatility linked to geopolitical tensions in the Middle East as reported.

The current drawdown, which began this week, is projected to take approximately 120 days to complete, with plans to replenish 200 million barrels within the next year. As of late February 2026, the SPR held over 415 million barrels, according to the Department of Energy. Bessent emphasized in his remarks that global supply dynamics remain fragile, citing ongoing exports of Russian crude and Iranian oil as factors influencing market stability as noted.

Political reactions have varied, with Senate Minority Leader Chuck Schumer criticizing President Trump's delayed action on the SPR release, while Trump has previously criticized former President Biden's administration for utilizing the reserve to curb energy costs. The administration has not yet specified whether future SPR interventions would depend on ongoing geopolitical developments or broader economic indicators. Investors are advised to monitor official statements and IEA updates for clarity on potential supply-side measures.