US Releases Another Wave of Emergency Oil as Gas Prices Bite

The US Strategic Petroleum Reserve awarded 53.3 million barrels to companies including oil trader Trafigura Group and US refiner Marathon Petroleum Corp, adding to a wave of oil released to help tame surging prices stemming from the Iran war.

Trafigura is taking the largest haul of nearly 13 million barrels, followed by Marathon and Exxon Mobil Corp, the US Energy Department said Monday. Near-record volumes of government oil are flowing to market in a bid to rein in prices at the pump ahead of the busy summer driving season.