Trump eyes oil cache as gas prices rise

The Trump administration is considering tapping into the nation’s emergency supply of crude oil as political pressure grows to rein in rising gasoline prices before congressional elections in November, two people familiar with the situation said.

No decision has been made to release crude from the 660 million-barrel stockpile, known as the Strategic Petroleum Reserve, but options under review range from a 5 millionbarrel test sale to the release of 30 million barrels, said the people, who requested anonymity to discuss nonpublic deliberations.

The national unleaded average gasoline price rose to $2.89 Friday, up 63 cents or 28 percent from a year ago, according to data from AAA.

The oil stockpile, the world’s largest supply of emergency crude, is stored in huge underground salt caverns along the U.S. Gulf Coast. It was created in the 1970s after the Arab oil embargo sent prices skyrocketing and forced Americans to ration gasoline, and is mainly meant to be used in emergencies. But it has been tapped in the past to bring down domestic gasoline prices, such as by President Bill Clinton in the 1990s, as well as to fund unrelated domestic legislation.