Commodities
US Unleashes 40 Million Barrels from Oil Reserve Amid Fuel Price Surge
The US government plans to release up to 40 million barrels of oil from its emergency stockpile as fuel prices continue to surge. The latest drawdown is part of a coordinated international effort launched after the war with Iran began in February.
Energy Secretary Chris Wright urged European countries to fulfill their commitments to deliver more oil, saying some members of the International Energy Agency have provided only a portion of their pledged crude and petroleum products.
The US contribution of 172 million barrels will complete its part in the international effort. The release is expected to leave the Strategic Petroleum Reserve at its lowest level since 1982, limiting further non-emergency releases under federal law.