US EditionIran war: Trump will release 172 million barrels of oil from Strategic Petroleum Reserve
The U.S. will release 172 million barrels from reserves over 120 days to ease oil price spikes above $100 caused by the Iran war, as part of a 400-million-barrel international effort.
- Tapping the Strategic Petroleum Reserve, the U.S. will release 172 million barrels to help lower prices amid the Iran war, announced Wednesday.
- Amid the Iran war, gasoline prices rose to about $3.58 per gallon, nearly 22% higher than last month when gas averaged about $2.94.
- The SPR currently holds 415 million barrels, about 58% of the 714 million barrels authorized, and the IEA agreed to release 400 million barrels, the largest in its history, with U.S. participation up to President Trump, Burgum said.
- Speaking to CNBC, Burgum added 'whether the U.S. participates is up to President Donald Trump, he'll make the final decision'.
- Refilling the SPR, Trump said 'We'll do that, and then we'll fill it up,' indicating he plans to refill after the release.
135 Articles
135 Articles
Amid soaring oil prices, Trump is now turning to the Strategic Petroleum Reserve
Oil prices have soared since the U.S. and Israel launched their war against Iran, and President Donald Trump is now turning to America’s Strategic Petroleum Reserve as part of a wider agreement from many of the world’s wealthiest countries to tap into emergency stockpiles.
The United States will release 172 million barrels of oil from its strategic petroleum reserves in an effort to lower oil prices that have risen due to supply disruptions caused by the US-Israeli war against Iran, US Energy Secretary Chris Wright said on Monday. He said this is part of a broader release of 400 million barrels of oil that the International Energy Agency (IEA) had agreed to earlier in the day. He added that the oil release will be…
US to Tap Oil Reserves Following Trump's '180'
President Trump is cracking open the nation's oil piggy bank, despite opposition to a similar move by President Biden. The Trump administration will release 172 million barrels from the Strategic Petroleum Reserve in a push to cool surging prices tied to the US war with Iran and attacks on tankers...
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