- The Trump administration is releasing more oil from the nation’s emergency reserve as fuel prices surge less than two months before the midterm elections.
- The offer of up to 40 million barrels represents the last of a 172-million-barrel emergency drawdown from the Strategic Petroleum Reserve ordered to tame soaring energy prices after the US invasion of Iran. Bids are due by 11:00 a.m. central time on October 6, according to a statement from the Department of Energy.
- The SPR is projected to fall to its lowest level since 1982 once the latest release is completed. Federal law bars non-emergency drawdowns once inventories fall below 252.4 million barrels, while a 1981 report from the US Government Accountability Office advised against releases below 250 million barrels except in a “very severe emergency.” The reserve’s operational minimum — the point at which it becomes difficult for the infrastructure to function — is around 70 million barrels, according to ClearView Energy Partners, a Washington-based consulting firm.
- The Trump administration is releasing more oil from the nation’s emergency reserve as fuel prices surge less than two months before the midterm elections.
- The offer of up to 40 million barrels represents the last of a 172-million-barrel emergency drawdown from the Strategic Petroleum Reserve ordered to tame soaring energy prices after the US invasion of Iran. Bids are due by 11:00 a.m. central time on October 6, according to a statement from the Department of Energy.
- The SPR is projected to fall to its lowest level since 1982 once the latest release is completed. Federal law bars non-emergency drawdowns once inventories fall below 252.4 million barrels, while a 1981 report from the US Government Accountability Office advised against releases below 250 million barrels except in a “very severe emergency.” The reserve’s operational minimum — the point at which it becomes difficult for the infrastructure to function — is around 70 million barrels, according to ClearView Energy Partners, a Washington-based consulting firm.
It's believed anything below 300 million will damage the storage caves beyond repair.