President Donald Trump is reportedly considering tapping the nation's stockpile of emergency oil supplies as prices at the pump remain stubbornly elevated.
The administration is actively considering selling 5 million to 30 million barrels from the Strategic Petroleum Reserve into the market, two sources with knowledge of the situation told Bloomberg News. The administration is also mulling a larger release that would be coordinated with other nations, the sources said.
Crude futures pared gains by about $1 a barrel following the report.
The Wall Street Journal later reported that some members of the Trump administration oppose the plan.
However, Fatih Birol, director of the International Energy Agency, recently told attendees at a private dinner that his organization was considering a strategic release, the Journal reported, citing people who attended the event. The IEA advises developed nations on energy policy.