Get Quartz in your inbox

Free daily briefing on global business news.

U.S. is offering the last 40 million barrels from its emergency oil reserve as fuel prices surge

The release completes the U.S. share of a March accord with IEA member nations to put 400 million barrels on global markets

Brandon Bell / Getty Images

On Tuesday, the U.S. Department of Energy issued a request for proposals to release as many as 40 million barrels of oil from the Strategic Petroleum Reserve on a loan basis, marking the completion of the American share of a coordinated international drawdown prompted by supply disruptions from the war on Iran.

The solicitation represents the final tranche of the 172-million-barrel release President Donald Trump authorized in March, part of a broader International Energy Agency agreement in which roughly 30 member........

© Quartz