US President, Donald Trump has suggested using the United Statesā strategic oil reserves as a means to combat soaring oil prices, promising that these reserves would later be replenished.
In an interview with Local 12 yesterday, Trump stated, āWe will do that, and then we will fill it [reserves] up,ā emphasizing that this action would lead to a decrease in prices.
This announcement follows the International Energy Agencyās (IEA) decision to release a record volume of oil into the market.
The IEA, which comprises 32 member countries including the United States, has pledged a total release of 400 million barrels of crude oil.
The U.S. Department of Energy plans to contribute by releasing 172 million barrels over approximately four months, starting next week.
This reserve represents the largest emergency stockpile of oil globally, established to alleviate supply crises and fulfill international commitments.
Trump reveals way to reduce oil prices
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