The head of the White House is trying to stop the rise in fuel prices.
Trump has ordered the release of 172 million barrels of oil from the U.S. strategic reserve to curb rising fuel prices, RTVI US reports.
Over the next 120 days, the U.S. will release 172 million barrels of oil from its reserves, U.S. Energy Secretary Chris Wright stated. The measure is linked to the decision by the International Energy Agency to provide the market with 400 million barrels to address the energy crisis amid the ongoing conflict in the Middle East.
Donald Trump stated that the release of oil is necessary to lower fuel prices in the U.S. The sharp rise in gasoline prices in the U.S. has already been noted by The Hill. On March 11, the average price per gallon was $3.58 compared to $2.94 a month ago.
Trump also promised that the oil reserve, which is stored in four facilities in Texas and Louisiana, will not remain half-empty — the president emphasized that he "refilled it once and will refill it again." At the same time, Axios and Politico note that the reserve fund is at its lowest level in decades.
"U.S. oil reserves currently stand at 415 million barrels, according to the Department of Energy, meaning they are filled to less than 59%. The U.S. consumes about 20 million barrels of oil per day — the same amount that typically passes through the Strait of Hormuz," Politico clarifies.
