U.S. Oil and Gas Prices

President Trump ordered the release of 172 million barrels from the Strategic Petroleum Reserve on March 11 to be delivered over about 120 days, but the International Energy Agency estimates Gulf producers have cut roughly 10 million barrels per day and about 20 million bpd normally transit the Strait of Hormuz, leading experts to say the SPR draw — historically limited to about 1 million bpd versus the administration’s 1.4 million bpd goal — is too small and too slow. The administration also issued a 60‑day Jones Act waiver to allow foreign ships to move fuel between U.S. ports, a step analysts estimate might shave only around 3 cents per gallon and is unlikely to bring U.S. gasoline back to about $3.50 per gallon in the near term.