The US has released 53.3 million barrels of oil from the Strategic Petroleum Reserve for energy companies and traders in an attempt to curb rising fuel prices following the war with Iran. This was reported by Bloomberg, according to UNN.
Details
The largest volume—nearly 13 million barrels—will be received by the trading company Trafigura Group. Other major recipients include Marathon Petroleum and Exxon Mobil. The US Department of Energy stated that deliveries will continue from June to August, during the period of peak gasoline demand.
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Following US and Israeli strikes on Iran, gasoline prices in the US rose sharply, with the average cost of regular gasoline exceeding $4.50 per gallon—the highest level since 2022. Against this backdrop, President Donald Trump stated that he wants to temporarily suspend the federal gasoline tax of 18.4 cents per gallon.
Part of the oil may be exported outside the US
Bloomberg notes that the current sale is the second largest in the history of the US Strategic Petroleum Reserve. The initiative is part of international measures involving the International Energy Agency to stabilize the global oil market.
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Last week, as part of this program, the US released a record 1.22 million barrels of oil per day into the market. In total, the Trump administration plans to provide companies with 172 million barrels in an "exchange" format, where the oil must eventually be returned to the reserve.
Part of the American oil released from the strategic reserve may be exported to Europe and South America, the agency notes.