U.S. Taps More Oil From Emergency Reserve
Companies will return more crude later, and DOE says the exchange will ultimately add about 200 million barrels back to the reserve.
- On Tuesday, the U.S. Department of Energy announced a final release of 40 million barrels of crude from the Strategic Petroleum Reserve, completing the nation's 172 million barrel commitment to an International Energy Agency coordinated release.
- Fuel prices have surged since military operations against Iran began Feb. 28, placing pressure on the Trump administration as gasoline remains above $4 and diesel exceeds $6 before midterm elections.
- Companies receiving crude through this exchange must return oil later with interest, as the 40 million barrels are not an outright sale; the SPR is projected to fall to its lowest level since 1982.
- Energy Secretary Chris Wright urged European nations to honor their reserve pledges, saying "several European member countries have released only a fraction" and "We urge every member country to fulfill its commitments."
- The Energy Department plans to return roughly 200 million barrels next year, as federal law restricts non-emergency drawdowns once inventories fall below 252.4 million barrels.
15 Articles
15 Articles
US to lend 40 million barrel oil from strategic reserve as Ukraine war strains global supply
The United States has proposed a loan of 40 million barrels of oil from its Strategic Petroleum Reserve to energy companies. This initiative is designed to counteract rising oil prices, which have been significantly impacted by the conflicts in Ukraine and Iran. As Indian refiners brace for a decline in Russian oil supplies, competition with China is pushing them toward pricier oil options.
The United States will release up to 40 million barrels of oil from the Strategic Petroleum Reserve by Trump's decision — the press service of the US Department of Energy
The United States will release up to 40 million barrels of oil from the Strategic Petroleum Reserve by Trump's decision — the press service of the US Department of Energy Subscribe to WATCH
The U.S. Department of Energy has announced its intention to lend up to 40 million barrels of crude oil from the country's strategic reserve, and the United States agency has published a tender document under which requests for crude oil are collected and applications from companies interested in the transaction will continue until 6 October and will transfer to RIA News. Energy supplies will be delivered in November and December 2026 from the s…
Fuel prices skyrocket less than two months after mid-term elections
The US government announced on Tuesday that it is offering 40 million barrels of oil from the strategic reserve to energy companies, in an effort to contain the triggering of fuel prices, which rose due to the conflict with Iran and Russia's war against Ukraine.
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