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Trump Considers Tapping U.S. Oil Reserve as Prices at the Pump Rise

  • President has jawboned OPEC, but has emergency supply at hand
  • Political pressure increasing ahead of November elections
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Trump mulls releasing oil reserves
Updated on

The Trump administration is actively considering tapping into the nation’s emergency supply of crude oil as political pressure grows to rein in rising gasoline prices before congressional elections in November, two people familiar with the situation said.

No decision has been made to release crude from the 660-million-barrel stockpile, known as the Strategic Petroleum Reserve, but options under review range from a 5-million-barrel test sale to release of 30 million barrels, said the people, who requested anonymity to discuss non-public deliberations. An even larger release is possible it were to be coordinated with other nations.