{"id":637792,"date":"2026-05-12T03:35:10","date_gmt":"2026-05-12T03:35:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/637792\/"},"modified":"2026-05-12T03:35:10","modified_gmt":"2026-05-12T03:35:10","slug":"us-releases-another-wave-of-emergency-oil-as-gas-prices-bite","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/637792\/","title":{"rendered":"US releases another wave of emergency oil as gas prices bite"},"content":{"rendered":"

The US Strategic Petroleum Reserve<\/a> 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<\/a>.<\/p>\n

Trafigura is taking the largest haul of nearly 13 million barrels, followed by Marathon and Exxon Mobil Corp<\/a>, the US Energy Department<\/a> 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.
ALSO READ | As PM Modi appeals, govt & India Inc set to operate on a war footing<\/a><\/p>\n

The average national price for regular gasoline has surged since the US and Israel attacked Iran in February, topping $4.50 a gallon for the first time since July 2022. President Donald Trump<\/a> said on Monday that he\u2019d seek to suspend the federal 18.4 cents a gallon tax on gasoline \u201cuntil it\u2019s appropriate\u201d \u2014 a measure that would result in billions of dollars in lost tax revenue each month, according to independent budget analysts.<\/p>\n

The oil will be released between June and August, when refiners crank up as gasoline demand peaks. Volumes from the second-largest ever SPR sale are part of a global effort led by the International Energy Agency<\/a> to lower global oil prices. <\/p>\n

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Last week, the US released a record 1.22 million barrels a day of oil as part of the initiative.
The Trump administration<\/a> committed to release 172 million barrels in a so-called exchange program, where oil is loaned to companies and must be returned in kind at a later date. So far the US has agreed to release 133.1 million barrels. It\u2019s unclear if the energy department will hold another offer until it meets the 172 million-barrel target. Not all the oil remains in the US. Part of it is being exported to Europe and South America<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"The US Strategic Petroleum Reserve awarded 53.3 million barrels to companies including oil trader Trafigura Group and US…\n","protected":false},"author":2,"featured_media":637793,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,12,101,5240,29429,4012,228242,18598,644,275395,275394,275393],"class_list":["post-637792","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-donald-trump","tag-economy","tag-exxon-mobil-corp","tag-gas-prices","tag-international-energy-agency","tag-iran-war","tag-south-america","tag-trump-administration","tag-us-energy-department","tag-us-strategic-petroleum-reserve","tag-us-iran-ceasefire"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/637792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=637792"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/637792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/637793"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=637792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=637792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=637792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}