Planned release of strategic reserve to lower U.S. supplies to 44-year low

The Trump administration has ordered the release of 172 million barrels of oil from the U.S. Strategic Petroleum Reserve, the second-largest release in history, aimed at curbing rising oil prices amid the conflict with Iran. This release, starting next week and continuing over 120 days, will reduce the reserves to approximately 243 million barrels, the lowest level since 1982. Current average gas prices are reported at $3.63 per gallon, up 22% since the onset of the Iran conflict.

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