President Trump said Wednesday that oil reserves could have run out in four weeks if the Strait of Hormuz were not opened. “We run out of reserves at about four weeks,” Trump said in France while at the Group of Seven summit, discussing the recent memorandum of understanding with Iran. “You know, there are reserves…

President Trump said Wednesday that oil reserves could have run out in four weeks if the Strait of Hormuz were not opened. “We run out of reserves at about four weeks,” Trump said in France while at the Group of Seven summit, discussing the recent memorandum of understanding with Iran. “You know, there are reserves…

The tentative U.S.-Iran peace deal is expected to bring some relief for Americans’ at the pump, but even if it holds, prewar gasoline prices could be elusive. The agreement is expected to increase traffic through the Strait of Hormuz, a key oil shipping lane off Iran’s coast that has been choked off during the conflict. Before the…

The U.S. supply of emergency oil has hit its lowest level since 1983, according to newly released federal data. The U.S. Strategic Petroleum Reserve (SPR) is down to 340.3 million barrels, according to the data released on Monday. The last time that levels were this low was 1983, when the Reagan administration was filling up the reserve…