US, other countries plan to use oil reserves

US, other countries plan to use oil reserves

Countries that are members of the International Energy Agency (IEA) will release the largest-ever amount from their oil stockpiles to alleviate price spikes caused by the conflict in Iran. President Trump indicated that the U.S. would be among them.

© U.S. Department of Energy via AP

“IEA countries have unanimously decided to launch the largest ever release of emergency oil stocks in our agency’s history,” IEA Executive Director Fatih Birol said in a video on the organization’s website.

“IEA countries will be making 400 million barrels of oil available … to the market to offset the supply lost,” Birol added.

Meanwhile, during a visit to Ohio, Trump was asked about the Strategic Petroleum Reserve during a visit to Ohio.

He told TV station Local 12, “I filled it up once, and I’ll fill it up again, but right now, we’ll reduce it a little bit, and that brings the prices down.”

After U.S.-Israeli strikes on Iran, shipping through the nearby Strait of Hormuz halted. The strait is a major oil shipping channel, with about a fifth of the world’s oil consumption flowing through it.

In the wake of the conflict, oil prices have spiked.

Meanwhile, additional countries are indicating they may release oil as well.

Japan’s Prime Minister Sanae Takaichi said the country would release oil from its reserves. Germany’s Economy Minister Katherina Reiche also said the country would “do our part.”

British Chancellor Rachel Reeves similarly said the U.K. was “willing to play its part.”

Read more about the IEA plan here and about Trump’s remarks here.

Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.

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How policy will affect the energy and environment sectors now and in the future:

Senate Democrats press for investigation into moves to ease Russia oil sanctions

Democratic senators are demanding answers after the Trump administration moved to ease sanctions on Russian oil reserves in an attempt to offset the impact of the U.S.-Israeli strikes on global oil supplies. 

Rick Scott says gas prices ‘are going to be up for a while’

Sen. Rick Scott (R-Fla.) said Wednesday that gas prices will stay above prior levels until the U.S.-Israeli war with Iran ends. 

US military warns civilians to avoid ports used by Iran along Strait of Hormuz

The U.S. military is warning civilians to avoid ports it says are used by the Iranian regime along the Strait of Hormuz to “conduct military operations that threaten international shipping.” 

News we’ve flagged from other outlets touching on energy issues, the environment and other topics:

EU chief calls Europe shift from nuclear energy a ‘strategic mistake’ (Le Monde)

EU chief calls Europe shift from nuclear energy a ‘strategic mistake’ (Le Monde)

High bacteria levels found in nearby stream after Potomac sewage spill (The Washington Post)

What Others are Reading 

Two key stories on The Hill right now:

Key takeaways from Tuesday’s elections: Georgia, Mississippi, New Hampshire

A handful of special and primary elections in Georgia, Mississippi and New Hampshire on Tuesday underscored Democrats’ overperformance streak as well as the enduring strength of President Trump’s endorsement as midterm season ramps up. Read more

FBI warns Iran ‘aspired’ to strike California coast with drones

The FBI recently warned California police departments of Iran potentially launching a retaliatory attack on the West Coast, according to multiple outlets Wednesday. Read more

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