US Releases Another Wave of Emergency Oil as Gas Prices Bite

[BumRushDaShow]

Source: Bloomberg

May 11, 2026 at 6:06 PM EDT
Updated on May 11, 2026 at 7:10 PM EDT


The US Strategic Petroleum Reserve awarded 53.3 million barrels to companies including oil trader Trafigura Group and US refiner Marathon Petroleum Corp, adding to a wave of oil released to help tame surging prices stemming from the Iran war.

Trafigura is taking the largest haul of nearly 13 million barrels, followed by Marathon and Exxon Mobil Corp, the US Energy Department said Monday. Near-record volumes of government oil are flowing to market in a bid to rein in prices at the pump ahead of the busy summer driving season.

The average national price for regular gasoline has surged since the US and Israel attacked Iran in February, topping $4.50 a gallon for the first time since July 2022. President Donald Trump said on Monday that he’d seek to suspend the federal 18.4 cents a gallon tax on gasoline “until it’s appropriate” — a measure that would result in billions of dollars in lost tax revenue each month, according to independent budget analysts.

The oil will be released between June and August, when refiners crank up as gasoline demand peaks. Volumes from the second-largest ever SPR sale are part of a global effort led by the International Energy Agency to lower global oil prices. Last week, the US released a record 1.22 million barrels a day of oil as part of the initiative.

Read more: https://www.bloomberg.com/news/articles/2026-05-11/us-unleashes-another-wave-of-emergency-oil-as-gas-prices-bite

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No paywall (gift)

REFERENCES

https://www.democraticunderground.com/10143628733
https://www.democraticunderground.com/10143630864

[Lovie777]

1. Still won't be enough............

especially for profit.

[gab13by13]

2. This is a Band-Aid for the real problem

The world is losing 100,000,000/barrels of oil per week because Hormuz is shut down.

Maybe this announcement will be used as an excuse for the fossil fuel industry to keep gasoline prices from skyrocketing just for Krasnov?

Tick Tock Krasnov, time is on Iran's side. 7 more weeks of Hormuz being shut down will skyrocket crude oil.
Bombing Iran's people and infrastructure will skyrocket crude oil.
How long can you use Naval destroyers to escort ships through Hormuz?

You and Bibi shouldn't have torn up the peace agreement that was in place, even Russia and China were partners in that agreement.

Everything Krasnov touches, dies.

[lonely bird]

3. Um

Why is an oil trader getting any?

[riversedge]

4. .....Not all the oil remains in the US. Part of it is being exported to Europe and South America.

......The Trump administration committed to release 172 million barrels in a so-called exchange program, where oil is loaned to companies and must be returned in kind at a later date. So far the US has agreed to release 133.1 million barrels. It’s unclear if the energy department will hold another offer until it meets the 172 million-barrel target.

Not all the oil remains in the US. Part of it is being exported to Europe and South America.

(Adds gasoline prices in third paragraph.

[SamuelAdams]

5. He should try ending his stupid war with Iran.

That could actually help with oil prices eventually.

[gab13by13]

6. The only way he can end the war quickly

is to give Iran everything it wants, time is on Iran's side.

Krasnov and Bibi let the genie out of the bottle when they tore up the Iran nuclear agreement.

[lostnfound]

7. Wonder how much $$ GOP donors John Addison and CITGO buyer Paul Singer will make this summer

John Addison is a big donor and owns VITOL an oil trading company that scored big in previous SPG release by trump. https://www.markey.senate.gov/news/press-releases/markey-joins-schiff-senate-democrats-in-demanding-senior-white-house-officials-disclose-financial-stakes-in-venezuela-oil-profiteering

Paul Singer is the one that bought CITGO and refineries that can process Venezuelan oil. Nice payoff as usual. Connected to Leonard Leo.

Tangential only — ran acrosss these about Leo when searching for Paul Singer:
Deep old article mainly about Leonard Leo
https://dailymontanan.com/2023/10/22/we-dont-talk-about-leonard-the-man-behind-the-rights-supreme-court-supermajority/

Fascinating Propublica look at secretive Koch network annual event (2023)
https://www.propublica.org/article/clarence-thomas-secretly-attended-koch-brothers-donor-events-scotus

[SergeStorms]

8. Fantastic!

Now oil companies will pocket even more record profits.

Does anyone think BIG OIL will decrease the prices at the pump one penny?

Trump is determined to collapse the world economy. Then he'll want Congress to appropriate more money for another statue in his "honor."

[republianmushroom]

9. Trying to diffuse the results of trumps illegal war.

[Multichromatic]

10. What happens when Trump completely empties out the strategic oil reserve?