The United States will release 53.5 million barrels of crude oil between June and August to lower prices.

```htmlGolden Ten Data reported on May 12 that the U.S. Strategic Petroleum Reserve (SPR) has allocated 53.5 million barrels of crude oil to companies including commodity trader Trafigura Group and U.S. refiner Marathon Petroleum, to help ease the surge in oil prices triggered by the Iran war. Ahead of the U.S. summer driving peak, the government is releasing near-record levels of crude oil to the market to push prices down. These barrels will be released between June and August, when refineries ramp up capacity to meet peak gasoline demand. This sale, the second largest in SPR history, is part of a global price suppression initiative led by the International Energy Agency. Last week, the U.S. released an average of 1.22 million barrels per day under this framework, setting a new record. The Trump administration promised to release 172 million barrels of crude via the so-called “exchange program.” Under this mechanism, oil is lent to companies and must be returned in-kind later. So far, the U.S. has agreed to release 133.1 million barrels of crude.```