US to loan 40 million barrels from Strategic Petroleum Reserve to energy companies
The Trump administration said it is offering energy companies a loan of 40 million barrels from the SPR to help control fuel prices amid the widening Iran war and Russia’s war on Ukraine.
WASHINGTON, Sept 29 (Reuters) — The Trump administration said Tuesday it is offering energy companies a loan of 40 million barrels of oil from the Strategic Petroleum Reserve, aiming to help curb fuel prices that have risen amid the widening war with Iran and Russia's war on Ukraine. The United States agreed in March to lend 172 million barrels of oil from the SPR as part of a broader deal with about 30 countries in the International Energy Agency to release 400 million barrels. In June, the Trump administration offered to loan the final 40 million barrels from that IEA agreement, but later that month said companies had agreed to borrow only about 500,000 barrels.