The Trump administration is actively considering tapping into the nation’s emergency supply of crude oil as political pressure grows to rein in rising gasoline prices before congressional elections in November, two people familiar with the situation said.
No decision has been made to release crude from the 660-million-barrel stockpile, known as the Strategic Petroleum Reserve, but options under review range from a 5-million-barrel test sale to release of 30 million barrels, said the people, who requested anonymity to discuss non-public deliberations. An even larger release is possible it were to be coordinated with other nations.
The national unleaded average gasoline price rose to $2.89 Friday, up 63 cents or 28 percent from a year ago, according to data from AAA. The U.S. gasoline price average is expected to range between $2.85 per gallon and $3.05 per gallon through Labor Day, according to the group.