President Donald Trump on Sunday announced his plan to release oil from the Strategic Petroleum Reserve following Saturday's attack at the world's largest oil processing facility and oil field operated by Saudi Aramco. The attack was carried out by Iran-backed Houthi rebels and disrupted roughly five percent of the world's oil supply.
Trump said he made the decision to keep the markets "well-supplied" and to keep gas prices from spiking around the globe.
Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount....— Donald J. Trump (@realDonaldTrump) September 15, 2019
....sufficient to keep the markets well-supplied. I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.— Donald J. Trump (@realDonaldTrump) September 15, 2019
The Strategic Petroleum Reserve is the world's largest crude oil stash, located along various parts of the United States' Gulf Coast.. It was established during the 1970s in response to the Arab oil embargo and has been used a few times throughout history, like during the first Gulf War and following Hurricane Katrina.
Shortly after Trump made the announcement about releasing oil from the reserve, he also said the United States is "locked and loaded" and has "reason to believe that we know the culprit."
Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!— Donald J. Trump (@realDonaldTrump) September 15, 2019
PLENTY OF OIL!— Donald J. Trump (@realDonaldTrump) September 15, 2019
Although Houthi rebels claimed responsibility for the attack, Secretary of State Mike Pompeo placed blame on Iran because "there is no evidence the attack came from Yemen."