US to release 40 million barrels of crude from Strategic Petroleum Reserve, Energy Department says

The ​Trump administration said ​on Tuesday it ‌is offering ​to loan energy companies 40 million barrels ‌of oil from the Strategic Petroleum Reserve, in an effort to control soaring fuel ‌prices that have jumped on the widening ‌war with Iran and Russia's war on Ukraine. The United States agreed in March to ⁠loan ​172 ⁠million barrels of oil from the SPR as ⁠part of a wider deal with about 30 ​countries in the International Energy Agency ⁠to release 400 million barrels.

The Trump administration in ⁠June ​offered to loan the last 40 million barrels from that IEA ⁠agreement, but later that month revealed that companies ⁠only ⁠agreed to borrow about 500,000 barrels.