Exclusive: Gallego presses DOE on oil reserve as gas prices rise

"The Energy Department plans a phased distribution of 172 million barrels of crude from the nation's strategic oil reserves. It's part of a wider planned release of 400 million barrels from various member governments of the International Energy Agency. DOE confirmed Friday that the U.S. action will be an "exchange," under which companies will return borrowed oil with additional barrels as a "premium.""

"The letter from Gallego, who has recently boosted his energy profile, also seeks information "on how your Department plans to relieve Arizona's exceptionally high gas prices through releases from the Strategic Petroleum Reserve." Gallego is a potential 2028 Democratic presidential hopeful."

"Trump administration officials are seeking to tamp down public concern about gas prices, which per AAA data have risen over 70 cents per gallon on average since the strikes on Iran began. President Trump told reporters Friday that U.S. gasoline prices "are going to come tumbling down" when the conflict is ended."

The Energy Department plans a phased distribution of 172 million barrels of crude from the Strategic Petroleum Reserve, part of a coordinated 400 million barrel release by International Energy Agency member governments. The distribution operates as an exchange where companies return borrowed oil with additional barrels as premium, strengthening reserves while stabilizing markets at no taxpayer cost. Democratic presidential prospect Gallego sent a letter questioning how this move affects gasoline prices and supply in Arizona. Meanwhile, Trump administration officials work to address public concern about gas prices, which have risen over 70 cents per gallon since Iran-related strikes began. The administration expects the conflict to resolve within weeks, with gasoline prices subsequently declining.

Read at Axios