US to release 40 million barrels of crude from Strategic Petroleum Reserve, Energy Department says
USO•The Trump administration offered to loan energy companies 40 million barrels of crude from the Strategic Petroleum Reserve to help control soaring fuel prices. Companies borrowed only about 500,000 barrels of the 40 million barrels offered in June under an earlier agreement.
1. New SPR offer
The Trump administration said it is offering to loan energy companies 40 million barrels of oil from the Strategic Petroleum Reserve, seeking to control soaring fuel prices that have jumped amid the widening war with Iran and Russia's war on Ukraine.
2. Earlier release agreement
In March, the United States agreed to loan 172 million barrels from the reserve as part of a deal with about 30 countries in the International Energy Agency to release 400 million barrels. The administration offered the remaining 40 million barrels from that agreement in June, but companies agreed to borrow about 500,000 barrels.
