Strategic Reserve Tapped to Counter Oil Price Spikes Amid Iran Conflict
The Bottom Line
The U.S. Department of Energy is releasing 172 million barrels of oil from the Strategic Petroleum Reserve to help lower gas prices during the conflict with Iran. This action is part of a larger 400-million-barrel international effort to stabilize global energy markets after the Strait of Hormuz was blocked. The release is scheduled to take place over the next 120 days.
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Political Response
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