Here Are The 6 Options To Contain Soaring Oil Prices (And Why An SPR Release Will Do Very Little)

Oil prices plunged below $90 on Monday following a concerted push to calm energy markets. G7 countries said they were considering a coordinated release from emergency stockpiles, with the US floating a joint release of up to 400 million barrels, although the group later indicated that an agreement was not yet in place.On Tuesday, the IEA joined the jawboning and announced an emergency meeting to discuss SPR release. The news sent oil prices to session lows for the second day in a row.

Prices also eased further after Reuters reported that President Trump was reviewing various options to tame oil prices, including restricting US exports, taking measures related to oil futures markets, waiving certain federal taxes, and suspending Jones Act requirements, which mandate that domestic fuel shipments move on US flagged vessels. Prices extended losses after Trump told CBS that the United States is “very far ahead of the 4–5 week time frame” and that “the war could be over soon.”