The Trump administration announced Monday it would loan out 53.3 million barrels of oil from the country’s Strategic Petroleum Reserve to energy companies – an attempt to bring down skyrocketing oil prices as a result of the U.S. war with Iran.
The Trump administration is studying using oil under land at U.S. military bases and other Department of War sites to help refill the nation’s depleted emergency reserves, according to a person familiar with the matter.