Treasury Secretary Scott Bessent said Thursday the Trump administration is considering another oil release from the Strategic Petroleum Reserve in order to decrease gas prices.

“The US could unilaterally do another SPR release to keep the price down,” he told Fox Business Network’s “Mornings with Maria”.

Bessent also said the US “may unsanction the Iranian oil that’s on the water. It’s about 140 million barrels.”

“In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign,” he explained.

Bessent’s suggestion to tap Iranian crude “on the water” refers to oil that has already been loaded onto tankers but remains unsold due to sanctions.

The 140 million barrels floating storage would be enough to cover about 10 to 14 days of disruption based on Bessent’s estimate of a 10- to 14 million-barrel daily shortfall.

Josh Young, a portfolio manager at oil and gas investment firm Bison Interests, told The Post that the proposal could help stabilize markets despite some observers’ skepticism.

“People have been unduly negative about this. It doesn’t solve the whole problem, but when there’s a physical supply disruption like we’ve seen with the Strait of Hormuz mostly closed, releasing physical barrels into the market is the most direct way to address it,” Young said.

Young cautioned that the move is unlikely to drive prices lower outright, but could blunt further increases.

“I don’t think it makes prices fall. I think it helps prevent prices from rising as much as they would have risen,” he said.

He added that gasoline prices face separate pressures tied to refining capacity, which could limit relief at the pump.

Last week, US officials issued a temporary waiver allowing already-loaded Russian oil shipments to be delivered — a move aimed at calming markets but one that drew criticism from allies concerned about easing pressure on sanctioned producers.

The price of oil surged as high as $118 a barrel on Thursday, while the average price of gas hit $3.88 per gallon nationwide, according to AAA.

The energy market has been reeling since Iran shut down the Strait of Hormuz, which typically sees a fifth of global oil supply pass through.

Flows through the waterway have fallen to less than 10% of normal levels in recent weeks, according to international energy data.

The US holds roughly 415 million barrels in the Strategic Petroleum Reserve, a network of underground salt caverns along the Gulf Coast designed for emergency drawdowns.

But even in a best-case scenario, it can take nearly two weeks for crude released from the reserve to reach the market, limiting how quickly any new supply can ease price spikes, according to the Energy Department.

The Energy Department earlier this month authorized a separate release of 172 million barrels from the stockpile, though that oil is expected to be distributed over several months rather than days — underscoring the limits of using the reserve as a rapid-response tool.

Pennsylvania oil field executive Dan Doyle told The Post that Bessent’s Thursday proposal is unlikely to deliver immediate relief at the pump.

“It’s not going to do anything in the short order … it’s going to take a while to place it on the market,” said Doyle, who runs fracking firm Reliance Well Services.

He added that even a release from the government stockpile would struggle to offset the broader supply shock tied to disruptions in the Strait of Hormuz.

“Until you can open up the Hormuz Strait … I don’t think it does anything,” he said.

He warned that underlying market pressures are likely to keep prices elevated.

“The market is getting really, really tight,” Doyle, author of “Of Roughnecks & Riches,” told The Post, adding that futures markets are signaling “higher prices for longer.”

Desmond Lachman, a senior fellow at the American Enterprise Institute, agreed that the proposal is unlikely to significantly curb rising oil prices.

“It won’t be doing that much … this is really a band-aid,” he told The Post, adding that the scale of the supply disruption far exceeds what reserve releases can offset.

He noted that global markets are facing a shortfall of roughly 10 million barrels per day tied to disruptions in the Strait of Hormuz — a gap that far outstrips available emergency stockpiles.

“You’ve got a shortage of 10 million barrels … and by the time you run through your 400 million barrels, there is nothing left,” he said, referring to coordinated releases from the U.S. and allied reserves.

Lachman said the move could help slow the pace of price increases but would not resolve the underlying imbalance.

“It’ll help contain the increase that would otherwise occur… but this isn’t going to be a proper solution,” he said.

Governments around the world have been scrambling to cushion the supply shock.

The International Energy Agency has announced a coordinated release of roughly 400 million barrels from emergency reserves among member nations — one of the largest interventions of its kind.

Even so, the impact on prices may be limited.

Previous large-scale releases from the US reserve have reduced gasoline prices by roughly 17 to 42 cents per gallon, while the broader trajectory of oil markets will likely hinge on whether shipping through the Hormuz corridor resumes.