16, September 2019

US: Trump authorizes release of ‘strategic reserve’ to control rising oil price 0

President Donald Trump says he has authorized the release of the US’ “strategic petroleum reserve” in a bid to control the global oil prices, which are already hiking after 10 Yemeni drones attacked Saudi Aramco facilities.

“Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount sufficient to keep the markets well-supplied,” Trump said in a tweet early Monday.

“I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States,” he added.