New release of oil reserves will put U.S. supplies at 40-year low
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The Bottom Line
New oil reserve release drops U.S. emergency supplies to 40-year low.
How This Affects You
Reduced emergency oil reserves leave America less protected against future gas price spikes.
AI Summary
The Trump administration announced another release of oil from the Strategic Petroleum Reserve, which will drop U.S. oil supplies to their lowest level in four decades. The release continues historic withdrawals from emergency reserves that began under the previous administration as a response to rising gas prices following Russia's invasion of Ukraine. The depletion of strategic reserves to 40-year lows reduces America's buffer against future oil supply disruptions.
What's Being Done
The administration continues historic withdrawals from the Strategic Petroleum Reserve.
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FinanceIEA agrees to record release of emergency oil reserves in an effort to calm surging prices - AP News
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GlobalBroad agreement in G7 not to release oil reserves just yet, says G7 official - Reuters
<a href="https://news.google.com/rss/articles/CBMivgFBVV95cUxQekpzQ2p6WE5KTWhnX0dvNFQwYTN5STVIR180SEMtc1dzcWptb0dOYWFETDRYbUJPWGxlTnZILXc1MTNQZzFlVUpsSVhEN3JVQTJVNmRsLU9aVllDZmlqdm1WTEZsSmQyY2NhbGVpZUJsVzZyZ09VamkyZFpaT1ZKRnJSQWp1YTQxc0Jfb3VPQzZCXzRyUnJMV3dBRkJ3Ulh0UjlVWTN2YkxBV0lsLVkzNl82VE1hMFlTQzBWa0RR?oc=5" target="_blank">Broad agreement in G7 not to release oil reserves just yet, says G7 official</a> <font color="#6f6f6f">Reuters</font>
FinanceWorld shares are mixed as investors watch for release of oil reserves and crude heads higher - AP News
<a href="https://news.google.com/rss/articles/CBMikwFBVV95cUxOaUtKTFhnN0lka1hsbXpJWVBVZEZJRm5mSlZiQTBvRm14SlpuT2FhWGxqYkFnSGFQcEZMUEdURG1hdkNWbG9DdG9acEQzNHRMelJaZjE1a3dpYmo2ZkNiREpyajBialVDTE94QTI4X2I4TmZXOGdhd21tekM2VnR4VGxfeTdScFNXVm9GMV8yTzc1QWc?oc=5" target="_blank">World shares are mixed as investors watch for release of oil reserves and crude heads higher</a> <font color="#6f6f6f">AP News</font>
GlobalWhy Oil Prices Surged Even After the Release of Strategic Reserves
Reserves or no reserves, the outlook remains bleak as long as a major oil and gas trade route remains virtually closed.
GlobalCan tapping into oil reserves help stabilize prices?
The decision by the International Energy Agency to tap into oil reserves is historic in its size and scope. The 400 million barrel release dwarfs the number released after Russia invaded Ukraine. But there are many questions about whether this more ambitious effort will stop a surge in oil and gas prices if the war endures. Geoff Bennett discussed more with Clay Seigle.
PoliticsUS to release 172 million barrels of oil from strategic petroleum reserve - Reuters
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Judge blocks Trump administration's subpoenas against Fed Chair Powell
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