Trump Authorizes SPR Oil Release After Saudi Supply Disruption
- SPR tapped in first Gulf War, Hurricane Katrina, Libya crisis
- Reserve draw down may help counter potential oil price spike
Photographer: Simon Dawson/Bloomberg
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U.S. President Donald Trump authorized the release of oil from the nation’s emergency oil reserves after a series of drone attacks in Saudi Arabia knocked out half of the kingdom’s crude output, or about 5% of world supplies.
In tweets, the president said the amount of oil released would be determined “sufficient to keep the markets well-supplied.” In a later tweet, he declared: “PLENTY OF OIL!”