US Offers 40 Million Barrels From Strategic Petroleum Reserve to Curb Soaring Fuel Prices

The U.S. government has announced plans to offer up to 40 million barrels of crude oil from the Strategic Petroleum Reserve through exchange agreements to combat surging fuel prices. This drawdown represents the remainder of a 172 million barrel U.S. pledge within a 400 million barrel coordinated International Energy Agency release tied to geopolitical supply disruptions and conflict with Iran. The release will reduce SPR inventories near their statutory minimum floor of 252.4 million barrels to levels unseen since 1982. Bids are due October 6, with borrowers returning approximately 200 million barrels over the next year.