US may release more oil from reserve to push prices down, ‘unsanction’ Iran fuel: Bessent

Treasury Secretary Scott Bessent said Thursday the Trump administration is considering another oil release from the Strategic Petroleum Reserve in order to decrease gas prices.

“The US could unilaterally do another SPR release to keep the price down,” he told Fox Business Network’s “Mornings with Maria”.

Scott Bessent says the US is considering releasing petroleum to vanquish high prices. AFP via Getty Images

Bessent also said the US “may unsanction the Iranian oil that’s on the water. It’s about 140 million barrels.”

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

The price of oil surged as high as $118 a barrel on Thursday, while the average price of gas hit $3.88 per gallon nationwide, per AAA.