Donald Trump's Emergency Oil Release: 172 Million Barrels to Market Amid High Gasoline Prices
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Trump's Emergency Oil Release: 172 Million Barrels to Hit Market Soon
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CNBC Awaaz•21-03-2026, 13:52
Trump's Emergency Oil Release: 172 Million Barrels to Hit Market Soon
•US President Donald Trump's plan to release 172 million barrels of emergency oil is set to begin, with 45 million barrels from the Strategic Petroleum Reserve already being released.
•Refiners and traders subscribed for about half of the 86 million barrels offered, showing less interest than expected despite Brent Crude being over $100.
•The release aims to counter supply issues, particularly due to the Iran war impacting the Strait of Hormuz, which handles 20% of global oil transit.
•Despite the emergency release, US retail gasoline prices have hit a nearly four-year high, fueling inflation concerns and political pressure on Trump.
•This release is part of a larger International Energy Agency plan involving 30 countries to jointly release up to 400 million barrels to reduce energy costs.
