U.S. President Donald Trump has suggested releasing oil from the country’s emergency reserves to help reduce rising fuel prices. Speaking in an interview with Local 12, Trump said the United States could use part of its stored oil supply to stabilise the market and later refill the reserves once prices drop.
According to Trump, the move would quickly increase supply in the market and help bring down the cost of crude oil. The emergency stockpile, known as the Strategic Petroleum Reserve, is the largest oil reserve in the world and is mainly used during supply disruptions or major energy crises.
The proposal comes shortly after the International Energy Agency announced plans to release a large amount of crude oil into global markets. The agency, which includes more than 30 member countries, aims to ease supply pressure and prevent further price spikes.
Under the plan, the United States Department of Energy is expected to release about 172 million barrels of oil over the next four months. Officials say the combined effort by international partners could bring about 400 million barrels of oil into the market to stabilise global energy supply.
