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strategic petroleum reserve (united states)

America's motor fuel prices up, still below rest of the world

(The Center Square) – American prices for transportation fuels gasoline and diesel remained at four-year highs on Tuesday as the war with Iran moved into the 53rd day and the Strait of Hormuz remained mostly closed to vessel traffic. The national average price of a gallon of unleaded regular gasoline

Bessent says U.S. mulling options to calm oil markets

(The Center Square) – U.S. Treasury Secretary Scott Bessent said Thursday more oil could be released from the nation’s stockpiles than the 172 million barrels announced last week and that other market-based measures could soon add additional supplies to global energy markets. The Trump administration announced last week

As oil hits $120 a barrel, damage to energy industry is done, energy insiders say

(The Center Square) – As conflict in Iran escalates, Middle Eastern refineries have been hit and the Strait of Hormuz remains compromised, and oil futures hit $120 a barrel. Physical cargos of crude from Oman and the UAE have already hit $150 a barrel for May delivery. Prices at the pump

Gas prices continue to rise in Southwest, U.S. during conflict

(The Center Square) - Gas prices continued to rise across the nation as the U.S.-Israel conflict with Iran went on past its second week. Since the conflict started on Feb. 28, the average cost for a gallon of gas has increased by nearly 75 cents. With no sense of

US military 'not ready' to escort tankers through Hormuz Strait: energy secretary

US military 'not ready' to escort tankers through Hormuz Strait: energy secretary

The US military is currently "not ready" to escort tankers through the critical Strait of Hormuz because all its assets are focused on striking Iran, Energy Secretary Chris Wright said Thursday. Wright's comments came as an attack on two oil tankers off Iraq killed at least

IEA agrees to release 400M barrels from strategic oil reserves

(The Center Square) – The International Energy Agency’s 32 member nations unanimously agreed on Wednesday to a coordinated release of 400 million barrels from their emergency crude oil stockpiles in an effort to restrain soaring global prices as the U.S.-Israeli war with Iran entered the 12th day. The

Strategic oil reserves, a crisis cushion

Strategic oil reserves, a crisis cushion

The 32 member countries of the International Energy Agency (IEA) decided on Wednesday to unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war. The sixth release of oil from the strategic petroleum reserves is the biggest such release ever. It is