U.S. Energy Department offers 40 million barrels from SPR to curb fuel prices
The Energy Department announced a loan of 40 million barrels of crude from the Strategic Petroleum Reserve to help lower soaring gasoline costs ahead of the midterm elections.
Washington plans to make 40 million barrels of oil from the Strategic Petroleum Reserve available to energy firms on a loan basis. The move follows a March agreement to lend 172 million barrels as part of a broader International Energy Agency initiative to release 400 million barrels. Earlier this year, the administration offered the final 40 million barrels under that pact, but companies only took about 500,000 barrels.
Why it matters
Releasing SPR oil could lower U.S. gasoline prices, affecting voters and the broader economy ahead of elections.
In this story
Strategic Petroleum Reserveoil loanfuel pricesmidterm electionsInternational Energy Agencycrude releaseenergy companies
