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Report: Trump weighs tapping into emergency oil reserve

Cows groupedwhile black pump jack works beside them on gas-oil well. Photo Susan Vineyard/Getty Images

The Trump administration is weighing whether to release oil from the Strategic Petroleum Reserve in order to moderate gasoline prices ahead of the midterm elections, Bloomberg reported Friday.

Why it matters: The move would represent a remarkable use of the stockpile for political purposes, given that there's currently no crude oil supply shortage or emergency. And gasoline prices, while higher than in recent years, remain well below levels routinely seen in periods between 2010 and 2014, when they were frequently far in excess of $3 per gallon and at times neared $4.