US EditionTrump Announces Oil Release From Government Reserves as Gas Prices Rise
The release of 172 million barrels, about 41.4% of the U.S. reserve, aims to offset supply disruptions caused by the Iran conflict and lower energy prices.
- President Donald Trump announced the U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve beginning next week, with the discharge lasting about 120 days to combat rising gas prices.
- Global oil prices surged as the war involving Iran widened, sparking uncertainty across energy markets and prompting the U.S. response to stabilize supply and combat climbing prices.
- Thirty-Two member nations of the International Energy Agency unanimously agreed to Trump's request for a coordinated release of up to 400 million barrels of oil and refined products from emergency reserves.
- As of Thursday, AAA reports the average price for a gallon of gas is $3.59, a 22% increase compared to last month, while this release represents roughly 41.4% of the Strategic Petroleum Reserve's 415 million barrels.
- The United States plans to replace roughly 200 million barrels of oil within the next year to rebuild reserves, while experts say if the war ends soon, the additional supply could trigger a sharp decline in oil prices.
34 Articles
34 Articles
Trump Taps Strategic Petroleum Reserve in Response to Iran Shipping Attacks
President Trump has ordered the release of 172 million barrels from the strategic petroleum reserve to cushion the blow to global oil supply from the paralysis of the Strait of Hormuz as Iran starts striking vessels in the passage. The release will be part of the larger release of up to 400 million barrels announced by the International Energy Agency earlier this week. In a statement, U.S. Energy Secretary Chris Wright said the release will begi…
Bitcoin, Ethereum, XRP Flat, Dogecoin Slides Amid Trump Moves To Combat Iran War Oil Spike: Analyst Says BTC Downside Won't Be 'Heavier' - Grayscale Bitcoin Mini Trust (BTC) (ARCA:BTC)
Leading cryptocurrencies traded flat, while stocks fell further on Wednesday as President Donald Trump authorized tapping the strategic reserve to lower oil prices. Cryptocurrency 24-Hour Gains +/- Price (Recorded at 9:15 p.m. ET) Bitcoin (CRYPTO: BTC) -0.22% $69,912.33 Ethereum (CRYPTO: ETH) +0.48% $2,046.98 XRP (CRYPTO: XRP) -0.73% $1.37 Solana (CRYPTO: SOL) +0.18% $86.28 D…
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