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The United States offered Tuesday to lend energy companies up to 40 million barrels of oil from its emergency reserve to help ease fuel prices during the war with Iran.
The offer covers the final portion of the 172 million barrels the United States pledged to release under an international agreement reached in March.
The U.S. Department of Energy (DOE) said companies that borrow the oil must repay it with more barrels than they received. The DOE said this will put oil on the market now and leave the reserve with more oil later at no cost to taxpayers.
“With today’s actions, the United States continues to lead the coordinated efforts to stabilize oil markets for the benefit of Americans and people around the world,” said U.S. Secretary of Energy Chris Wright in a statement posted on X….
The offer covers the final portion of the 172 million barrels the United States pledged to release under an international agreement reached in March.
The U.S. Department of Energy (DOE) said companies that borrow the oil must repay it with more barrels than they received. The DOE said this will put oil on the market now and leave the reserve with more oil later at no cost to taxpayers.
“With today’s actions, the United States continues to lead the coordinated efforts to stabilize oil markets for the benefit of Americans and people around the world,” said U.S. Secretary of Energy Chris Wright in a statement posted on X….
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