Trump Could Tap Oil under U.S. Military Bases to Top Strategic Reserve
US Hits Iran-Flagged Oil Tankers While Peace Talks Continue Countries like Venezuela, Argentina, and… Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
The Trump Administration is looking for innovative ways to tap more crude from federal lands as the U.S.
Strategic Petroleum Reserve (SPR) is being depleted again by emergency stock releases amid the global supply shock from the Iran war.
One of these creative new ways to refill the SPR could be the potential tapping of oil from land at U.S.
military bases or other sites of the Department of War, a source with knowledge of private information toldBloombergthis week.
For the second time in four years, the U.S.
Administration is releasing barrels from the SPR to help curb the spike in oil prices.
This year’sreleaseof 172 million barrels from the Strategic Petroleum Reserve is part of the 400-million-barrel global release of emergency stocks coordinated by the International Energy Agency (IEA).
This has seen SPR stocks sink to392 million barrelsas of May 1.
That’s higher than the low point of 347 million barrels in June 2023 during President Biden’s term in office, but it is still close to the lowest levels of SPR stocks since the 1980s.
Administration has arranged to replace more than 172 million barrels with about 200 million barrels within the next year, 20% more barrels than will be drawn down.
Apart from arranging the stocks release as an exchange, in which companies should eventually return the crude with interest, the Trump Administration is considering creative ways of filling the SPR, including potentially with crude drilled from U.S.
| Product | Price | Change |
|---|---|---|
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| WTI Crude | $96.90/bbl | ▲ +0.21% |
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| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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