Overview
- The administration is not currently discussing an immediate sale from the Strategic Petroleum Reserve, according to reporting.
- Secretary of State Marco Rubio said a phased plan begins Tuesday to blunt rising fuel costs following attacks on Iran.
- The reserve holds about 415 million barrels, under a 714 million-barrel capacity, mostly sour crude stored in Texas and Louisiana caverns.
- If ordered, the Energy Department says deliveries could start in roughly 13 days at up to 4.4 million barrels per day for about 90 days.
- Analysts say officials could reconsider a drawdown if prices keep climbing, with U.S. crude up about 6% Monday and Strait of Hormuz traffic largely stalled.