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Wealthy nations pledge record release of emergency oil reserves in a bid to calm surging prices
Today Iran launched new attacks on ships in the Persian Gulf, but even still, President Donald Trump is telling these oil tankers that they should be using the Strait of Hormuz despite the attacks and the war. The president told reporters before leaving for his event in Kentucky that the US military has destroyed just about all of Iran’s naval mines and mine laying ships. The US military says its forces destroyed 16 Iranian mine laying. Vessels near the Strait of Hormuz on Tuesday. This is an effort to keep the critical oil shipping lane open. The Strait of Hormuz connects the Persian Gulf to the open ocean. Normally about 20 million barrels of oil *** day pass through this waterway, but within hours of the first strikes of this war, real-time shipping data shows traffic through the strait fell about 70%. Our get the Facts data team visualized the drop with this before and after graphic. Data also shows more than 150 oil and gas tankers have dropped anchor in the strait, waiting to see whether the route is safe, and that’s why you’re paying more at the gas pump. And the president’s Energy Department just put out *** new forecast that says because of the war in Iran, gas prices nationwide will remain above $3 *** gallon for the remainder of the year, suggesting Americans may not see cheaper prices at the pump as the administration has suggested. At the White House, I’m Christopher Seles.
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U.S. Secretary of Energy Chris Wright says America will release 172 million barrels of oil from its Strategic Petroleum Reserve as part of the International Energy Agency’s efforts to combat steep oil prices amid the Iran war.Wright said the release would begin next week and take about 120 days “to deliver based on planned discharge rates.” He also said the U.S. would replace about 200 million barrels within the next year.The U.S. had more than 415 million barrels in the SPR as of the end of last month. President Donald Trump previously downplayed the importance of using reserve oil, but confirmed earlier Wednesday that his administration would “reduce it a little bit” and then fill it back up.
U.S. Secretary of Energy Chris Wright says America will release 172 million barrels of oil from its Strategic Petroleum Reserve as part of the International Energy Agency’s efforts to combat steep oil prices amid the Iran war.
Wright said the release would begin next week and take about 120 days “to deliver based on planned discharge rates.” He also said the U.S. would replace about 200 million barrels within the next year.
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The U.S. had more than 415 million barrels in the SPR as of the end of last month. President Donald Trump previously downplayed the importance of using reserve oil, but confirmed earlier Wednesday that his administration would “reduce it a little bit” and then fill it back up.
