Trump to use US oil reserves to ease price shocks from Iran war

(Patria) - US President Donald Trump indicated he will use the US strategic petroleum reserves to ease oil prices that have risen amid the war with Iran, Bloomberg reported.

"We will do that, and then we will refill them," Trump said Wednesday in an interview with local television station WKRC during a visit to the Cincinnati area.
"We will reduce them a little now and that will lower prices."

Earlier Wednesday, the International Energy Agency agreed to release 400 million barrels from emergency oil reserves, the largest release ever, as governments seek to curb the sharp rise in prices caused by the war in the Middle East.

The strategic petroleum reserves currently stand at about 415 million barrels, just over half of their capacity, following a series of reductions during the administration of President Joseph Biden. This included a record sale of 180 million barrels to help lower gasoline prices after Russia's invasion of Ukraine in 2022.

Trump faces political pressure to address rising fuel prices caused by the sharp increase in oil prices. The November midterm elections will largely depend on Americans' views on the cost of living, and polls show the public gives the president poor marks for his handling of the economy.