US releases another wave of emergency oil as gas prices bite
- Posted on May 12, 2026
- By Business News Today
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- 1 min read
US releases another wave of emergency oil as gas prices bite
The US has awarded 53.3 million barrels from its Strategic Petroleum Reserve to firms including Trafigura, Marathon Petroleum and Exxon Mobil as part of efforts to cool oil and fuel prices amid the Iran war. Trafigura received the largest share of nearly 13 million barrels. The oil will be released between June and August, when US gasoline demand typically peaks.
