The Trump administration has no immediate plans to release oil from the nation’s emergency reserve in response to surging crude and gasoline prices in the wake of the Iran conflict, according to a person familiar with the situation.
A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch prices spikes, at least temporarily. The reserve currently holds about 415 million barrels, or a little more than half of its roughly 700 million-barrel capacity.
“The Trump Administration’s policies have led to the highest production of U.S. oil ever with even more oil from our newfound market and agreements ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.