US reduces strategic petroleum reserves amid price rise

The administration of U.S. President Donald Trump has released more oil from the strategic reserves, with a withdrawal of up to 40 million barrels out of 172 million barrels, in an effort to lower fuel prices ahead of the midterm elections scheduled for November. This move comes amid a noticeable increase in the prices of oil, gasoline, and diesel since the military operations against Iran began in February, with gasoline surpassing $4 per gallon and diesel reaching a record high of $6 per gallon. It is expected that the oil reserves will reach their lowest level since 1982 once the withdrawals are complete, with a mechanism in place to replenish about 200 million barrels back into the reserves over the next year.

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