US Has No Immediate Plan to Tap Oil Reserve on Iran Concerns

The Trump administration has no immediate plans to release oil from the nation’s emergency reserve in response to surging crude and gasoline prices in the wake of the Iran conflict, according to a person familiar with the situation.

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch prices spikes, at least temporarily. The reserve currently holds about 415 million barrels, or a little more than half of its roughly 700 million-barrel capacity.