U.S. Considers Emergency Oil Measures to Contain Price Surge

WASHINGTON — The United States is weighing a range of emergency energy measures, including additional releases from the Strategic Petroleum Reserve and potential easing of restrictions on Iranian oil, as the White House moves to contain rising prices following fresh disruptions to global supply.

Treasury Secretary Scott Bessent said the administration had prepared contingency plans in anticipation of possible bottlenecks in global oil flows, particularly around key shipping routes.

“We had a break-the-glass plan across the administration and at Treasury,” Bessent said in interviews with Bloomberg and Fox News, describing a coordinated effort to stabilize supply.

He said Washington has already taken steps to boost availability by easing restrictions on certain Russian oil shipments in transit.

“We unsanctioned Russian oil. We knew that there were about 130 million barrels on the water, and we created supply,” Bessent said.

The administration is now considering similar measures for Iranian oil already at sea. Bessent estimated that roughly 140 million barrels could be brought into the market if needed.

“In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days,” he said.

Officials said these floating supplies could provide a short-term buffer of up to two weeks as markets absorb the impact of ongoing geopolitical tensions and supply disruptions.

Bessent also pointed to a recently approved large-scale release from the Strategic Petroleum Reserve, describing it as “the largest coordinated SPR release in history, 400 million barrels.” He added that further releases remain under consideration.

“The U.S. could unilaterally do another SPR release to keep the price down,” he said.

At the same time, the administration is looking to coordinate with allies to stabilize global energy markets. Bessent indicated that other countries may be expected to contribute additional supply or support efforts to secure critical shipping routes.

“Some countries are going to do more,” he said.

The push comes as oil prices surge following attacks on energy infrastructure and disruptions to maritime transport, raising concerns about prolonged volatility in global markets.

Officials noted that the Strategic Petroleum Reserve is currently about 60 percent full, prompting questions about long-term replenishment even as short-term releases are considered.

Bessent also emphasized that U.S. allies have a strong incentive to participate in efforts to stabilize supply, particularly those heavily dependent on imported energy.

“When President Trump says our allies should join us… They’re the ones who need this oil,” he said, adding that the United States is now “virtually energy independent” and a net exporter. (Source: IANS)