U.S. Plans Major Oil Reserve Release to Ease Gas Prices

Amid increased volatility at the pump and uncertainty overseas, this latest plan hopes to bring some stability.

According to the U.S. Energy Department, the United States plans to release 172 million barrels of oil from its strategic reserves over the next four months, beginning next week.

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The move is part of a coordinated effort with the International Energy Agency and its 32 member countries to increase global oil supply.

In addition to increasing the global oil supply, the aim is also to help prevent prices from rising further due to the war in the Middle East. Despite the announcement, oil prices still rose Wednesday evening, with Brent crude—an international benchmark used to price oil around the world—approaching $100 a barrel after trading below $90 earlier in the day.

President Donald Trump said earlier in the day that the United States would release oil from the nation’s strategic reserve to help ease pressure on rising oil and gasoline prices.

These prices had climbed for the 11th straight day to an average of $3.58 per gallon. Senate Democratic leader Chuck Schumer of New York criticized the move, saying it should have happened sooner and warning that tensions affecting the Strait of Hormuz are already driving up costs for Americans.

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And there you have it! The United States plans to release 172 million barrels of oil from its strategic reserves to help lower rising fuel prices.

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