US could release more oil from reserve but move highly unlikely, says Energy Secretary Wright

Investing.com -- U.S. Energy Secretary Chris Wright said Monday that the country could release additional oil from its Strategic Petroleum Reserve to stabilize energy markets amid the war with Iran, but described such action as "highly unlikely" in an interview with CNBC.

The U.S. announced earlier this month a 172 million barrel exchange from the reserve as part of a larger coordinated release with International Energy Agency countries. The Strategic Petroleum Reserve currently holds approximately 415 million barrels.

Wright indicated the administration is exploring alternative measures to address oil prices. "There are things U.S. can do on refinery efficiencies to help knock down fuel prices," Wright said during the CNBC interview.

The Energy Secretary stated the government is "looking at more levers we can pull to deal with price of oil."

Wright also addressed diesel supply concerns, saying "we have ideas to bring more diesel to market and I think we'll see that happen."

When asked about potential restrictions on U.S. oil exports, Wright said he does not want to block exports of American oil.

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