US to Release 53 Million Barrels of Oil From Strategic Petroleum Reserve
Energy companies must repay loaned SPR barrels with a premium, as the DOE aims to ease tight supply and high prices.
- The Energy Department announced on Monday that President Donald Trump's administration will loan 53.3 million barrels of crude from the Strategic Petroleum Reserve to energy companies to calm oil markets disrupted by the U.S.-Israeli war with Iran.
- Brent Crude prices jumped 50% from roughly $70 due to U.S.-Israeli military operations against Iran, compounded by an Iranian blockade of the Strait of Hormuz that disrupts 20% of global oil trade.
- Nine companies including Trafigura Trading LLC and ExxonMobil secured contracts for the crude. Kyle Haustveit, DOE Assistant Secretary of the Hydrocarbons and Geothermal Energy Office, said the program ensures 'the Strategic Petroleum Reserve remains strong.'
- Facing public discontent over fuel costs, Trump also pledged on Monday to waive the 18.4 cents-per-gallon federal tax on petrol, though such taxation remains the purview of the U.S. Congress.
- Oil prices remain elevated as Trump warned on Wednesday that the ceasefire is on 'life support' and military operations in Iran will continue for two to three weeks, prolonging market uncertainty.
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US Announces Loan of 53 Million Barrels of Oil From Strategic Petroleum Reserve
The U.S. government will loan 53 million barrels of oil from the Strategic Petroleum Reserve (SPR) to petroleum companies in a bid to relieve elevated gas and oil prices amid the conflict with Iran. In a news release on Monday, the Department of Energy (DOE) announced it would release the crude oil from its sites in Louisiana and Texas to contribute to the International Energy Agency’s (IEA’s) move to stabilize the price of oil, which has often …
US to release 53.3 million barrels of its strategic reserves
TEHRAN, May 12 (MNA) – The US Department of Energy announced plans to release 53.3 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to help stabilize global fuel supplies.
Energy Department to loan out million of barrels of oil from reserves to help bring down oil prices
Oil exchanges, as they are called, allow the DOE to loan out oil to companies who later pay back to the oil with extra barrels, which functions like interest on a loan.
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Trump Administration Releases More Strategic Oil Reserves as Iran Conflict Drives Energy Prices Higher
The United States will loan more than 53 million barrels of crude oil from the Strategic Petroleum Reserve as part of an international effort to ... The post Trump Administration Releases More Strategic Oil Reserves as Iran Conflict Drives Energy Prices Higher first appeared on [your]NEWS.
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