U.S. Energy Secretary Chris Wright acknowledged on Monday that more oil could be released from the Strategic Petroleum Reserve to help steady energy markets amid tensions surrounding the war with Iran, but he said such an outcome is "highly unlikely" in an interview with CNBC.
The administration earlier this month announced a 172 million barrel exchange from the SPR as part of a broader coordinated release with International Energy Agency countries. The Strategic Petroleum Reserve currently holds approximately 415 million barrels.
While not ruling out further SPR action, Wright emphasized the government is examining other policy levers aimed at lowering fuel costs. "There are things U.S. can do on refinery efficiencies to help knock down fuel prices," he said, adding that the administration is "looking at more levers we can pull to deal with price of oil."
Wright also addressed concerns about diesel availability, noting the government has options to increase diesel supply. "We have ideas to bring more diesel to market and I think we’ll see that happen," he said.
On the question of limiting U.S. oil exports, Wright expressed opposition to such restrictions. He said he does not want to block exports of American oil.
Taken together, Wright's remarks frame the SPR as one of several tools available to policymakers rather than the primary near-term response. The recent 172 million barrel exchange and the reserve's remaining balance of roughly 415 million barrels provide the factual baseline for the administration's choices, while proposed moves on refinery efficiency and diesel supply represent alternative avenues the government is exploring to influence market prices.
The comments leave open the possibility of additional action but underscore an administration preference for using a range of measures rather than relying solely on further SPR releases.