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U.S. Secretary of the Interior Doug Burgum said Wednesday the Trump administration could consider tapping the nation's oil reserves as oil prices rise amid the war with Iran.
Speaking in an interview with Fox News, Burgum said strategic reserves could be used to ease pressure on global oil prices if necessary.
"These are the moments these reserves are used for," Burgum said.
"We have a transit problem, which is temporary, when you have a transit problem, we are resolving diplomatically, which we can and will resolve, perfect time to think about releasing those to take pressure off global price."
He reiterated the administration's position that rising oil prices linked to the conflict with Iran represent a temporary disruption.
Burgum's remarks came as oil prices rebounded on Wednesday amid concerns about prolonged supply disruptions in the Strait of Hormuz.
"We will bring prices down with peace and stability in the world, and President Trump will make sure that happen," Burgum said.
He also suggested that Gulf state allies could see long-term benefits following the crisis.
"The Abraham Accord has an opportunity to flourish coming out of the backside of this thing," Burgum said.
"We could see short-term interruption traded for long-term transformation of peace and prosperity. When that happens energy prices will come down all over the world."
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