The U.S. government will release 40 million barrels of crude oil from the Strategic Petroleum Reserve, marking the final phase of a 172 million barrel emergency supply effort to address high gasoline and diesel prices.
The U.S. releasing 40 million barrels from the Strategic Petroleum Reserve increases near-term crude supply, pressuring WTI prices.
The U.S. Department of Energy is releasing 40 million barrels of crude oil from the Strategic Petroleum Reserve to combat elevated fuel costs. This final tranche concludes the 172 million barrel commitment made to the International Energy Agency's coordinated emergency release program.
The release is intended to mitigate elevated gasoline and diesel prices that have persisted during the ongoing conflict in Iran.