11 Hrs
Source:
الاقتصادية
US eases oil reserve amid price rise
The administration of U.S. President Donald Trump announced the withdrawal of 40 million barrels from the Strategic Petroleum Reserve, as part of the latest release plan from a total of 172 million barrels, aimed at reducing the rising fuel prices ahead of the midterm elections in November. It is expected that the reserve will drop to its lowest level since 1982 once the release is completed. This measure comes as part of efforts to curb the surge in oil and fuel prices following escalating tensions with Iran and significant price increases, with gasoline surpassing $4 per gallon and diesel over $6. The withdrawals, according to federal law, are considered exceptional and operate as swaps based on loans that will be repaid in the future, with an estimated return of around 200 million barrels to the reserve over the coming year.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)