US Announces Loan of 53 Million Barrels of Oil From Strategic Petroleum Reserve

Oil companies ’may begin scheduling deliveries immediately,' the Energy Department said.

The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, on April 27, 2020. Adrees Latif/Reuters

The U.S. government will loan 53 million barrels of oil from the Strategic Petroleum Reserve (SPR) to petroleum companies in a bid to relieve elevated gas and oil prices amid the conflict with Iran.

In a news release on Monday, the Department of Energy (DOE) announced it would release the crude oil from its sites in Louisiana and Texas to contribute to the International Energy Agency’s (IEA’s) move to stabilize the price of oil, which has often risen above $100 per barrel since the conflict started on Feb. 28.