US energy secretary informs CNBC that an additional release from the SPR is improbable
US Unlikely to Tap Strategic Oil Reserve Amid Iran Conflict
According to US Energy Secretary Chris Wright, it is very improbable that the United States will authorize another release of oil from its Strategic Petroleum Reserve to stabilize energy markets during the ongoing conflict with Iran. Speaking with CNBC on Monday, Wright explained that the government is considering alternative strategies to address rising prices. These measures include supporting refineries to improve their efficiency and increasing the supply of diesel fuel.
While Wright acknowledged the possibility of another release, he emphasized that such an action is not expected at this time. Earlier this month, the US announced plans to exchange 172 million barrels from the reserve in several phases.
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