US weighs oil moves to cool prices​

Washington, March 19 (IANS) The United States is considering a series of emergency energy measures, including releasing more crude from its strategic reserves and easing restrictions on Iranian oil, as the White House moves to contain rising prices after fresh disruptions in global supply.​

Treasury Secretary Scott Bessent, in separate interviews with Bloomberg and Fox News, said the administration had prepared contingency plans in advance of potential chokepoints in global oil flows, particularly around key maritime routes.​

“We had a break-the-glass plan across the administration and at Treasury,” he said in the interview, describing a coordinated effort to stabilise supply.​

Bessent said Washington had already acted to increase available supply by easing restrictions on Russian oil shipments in transit. “We unsanctioned Russian oil. We knew that there were about 130 million barrels on the water, and we created supply,” he said.​

He stressed that any disruption was expected to be temporary. “We anticipated this. We knew there could be a temporary… choke point,” he said.​

The administration is now weighing similar steps for Iranian oil already at sea. Bessent said roughly 140 million barrels could be brought into the market if needed.​

“In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days,” he said.​

Officials estimate that these floating supplies could provide between 10 days and two weeks of additional oil, offering a short-term buffer as tensions continue.

The Treasury Secretary also pointed to a major release from the Strategic Petroleum Reserve (SPR), calling it “the largest coordinated SPR release in history, 400 million barrels,” which was approved recently.​

He added that further releases remain an option. “The U.S. could unilaterally do another SPR release to keep the price down,” he said.​

In parallel, administration officials signalled that allies may be expected to contribute. “Some countries are going to do more,” Bessent said, indicating a broader coalition effort.​

The push comes as the White House faces pressure to respond to rising oil prices following attacks on energy infrastructure and disruptions to shipping routes, developments discussed in the Fox News and Bloomberg interviews.​

Officials said the current SPR stands at about 60 per cent capacity, raising questions about long-term replenishment even as short-term releases are considered.​

At the same time, U.S. officials are urging allies to help secure critical waterways. Bessent noted that partners reliant on imported energy have a direct stake. ​

“When President Trump says our allies should join us… They’re the ones who need this oil,” he said, adding that the U.S. is now “virtually energy independent” and an oil exporter.