US offers to loan up to 40 million barrels of oil from reserve — The National

The United States has offered energy companies loans of up to 40 million barrels of crude oil from the Strategic Petroleum Reserve to curb rising fuel prices amid disruptions to energy supplies caused by the war with Iran. Applications to receive the oil will be accepted until October 6.

As The National reports, this volume will be the final portion of the 172 million-barrel release approved in March. US Energy Secretary Chris Wright said the country continues coordinated efforts to stabilize the oil market.

Reserve will approach its minimum level

Once the release is completed, the Strategic Petroleum Reserve is projected to fall to its lowest level since 1982. According to the latest government data, the reserve held 284.5 million barrels in the week ending September 19. The generally accepted minimum level for the safe operation of storage facilities is considered to be 250 million barrels.

In March, the United States and other members of the International Energy Agency agreed to a coordinated release of 400 million barrels from reserves. The decision was made after the Strait of Hormuz was closed and key energy facilities in Persian Gulf countries were struck.

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US urges Europe to fulfill its promises

The US side said that several European member states of the IEA had released only part of their pledged volumes of crude oil and petroleum products. Chris Wright called on all participating countries to fulfill their commitments.

IEA Executive Director Fatih Birol said at a meeting of EU energy ministers in Brussels that countries could discuss the possibility of an additional release of reserves. European Commissioner for Energy Dan Jørgensen also said he had discussed the issue with Birol.

According to the AAA automobile association, the average price of gasoline in the United States exceeds $4 per gallon, compared with $3 a year ago, while diesel prices recently exceeded $6 per gallon, compared with $2.50 last year. President Donald Trump said the White House is seriously considering a ban on diesel fuel exports, but the US energy industry opposed the idea.