President Donald Trump reassured Americans that there would be “plenty of oil” after the drone attacks on Saudi Arabia’s oil production.
“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 sufficient to keep the markets well-supplied,” Trump wrote on Twitter.
The president commented after oil prices jumped 15 percent as a result of Saturday’s drone attacks on two of Saudi Arabia’s oil facilities. Houthi rebels, backed by Iran, claimed responsibility for the attacks which cut output by 5.7 million barrels per day, sidelining over 5 percent of global oil production.
Trump said that the United States was “locked and loaded” to respond to the attackers.
“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!” he wrote.
Trump also promised to focus on speeding up oil production at in the United States.
“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,” he wrote.
Prior to the attacks, the United States enjoyed unusually low gas prices under President Donald Trump’s administration.