U.S. Has No Plan to Use Oil Reserve to Curb Prices, Rick Perry Says

The U.S. has no plans to tap the nation’s emergency oil stockpile to offset supply losses from Iran, according to U.S. Energy Secretary Rick Perry. Selling oil from the Strategic Petroleum Reserve would have “a fairly minor and short-term impact,” Perry told reporters in Washington on Wednesday. Following his remarks, oil jumped higher to erase most of the day’s losses. Analysts have speculated that President Donald Trump could release oil from the reserve to temper the market effects of U.S. sanctions on Iran’s crude exports, which will take effect Nov. 4. Shipments from the Islamic republic have already fallen 35 percent since April, raising concerns about dwindling global supply...MORE