The US Department of Energy plans to lend 333300 barrels of emergency heating oil reserves to curb rising oil prices

The US Department of Energy has stated that the Trump administration has proposed lending nearly one-third of the country's 1 million barrels of emergency heating oil reserves to curb soaring oil prices. Affected by the supply disruption in the Middle East caused by the Iran War, diesel prices have reached a historic high of over $6.50 per gallon. US Energy Secretary Wright stated that the government is committed to making every effort to reduce energy costs. The US Department of Energy will launch a loan bidding process for fuel retailers and end holders to ensure that fuel flows to areas facing shortages.