US releases 53.3 million barrels from Strategic Petroleum Reserve to combat surging gas prices. The Energy Department awarded oil to major companies including Trafigura Group, Marathon Petroleum, and Exxon Mobil as part of a coordinated global effort to stabilize markets ahead of peak summer driving season. Average national gasoline prices have surged past $4.50 per gallon following geopolitical tensions in February. The Trump administration has committed to releasing 172 million barrels through an exchange program where oil is loaned and must be returned later. President Trump proposed suspending the federal 18.4 cents per gallon gasoline tax, a move that would cost billions monthly in lost revenue. The oil will flow to market between June and August when refinery demand peaks.
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