WASHINGTON, D.C. — President Donald Trump said Wednesday that his administration will release oil from the Strategic Petroleum Reserve (SPR) as the ongoing war with Iran disrupts global energy markets and drives up gasoline prices in the United States. The move is intended to stabilize fuel costs as supply concerns ripple through global markets.
Trump announced the plan while visiting Ohio and Kentucky, saying the U.S. will temporarily reduce oil held in the reserve to bring down prices before replenishing it later. “We’ll do that and then we’ll fill it up,” Trump said, arguing the measure would help offset the immediate impact of the conflict on consumers.
Oil prices have surged during the early stages of the Iran war, with crude briefly topping $100 per barrel for the first time since 2022. Analysts say roughly 20 percent of global oil supply has been disrupted in the first days of the conflict, according to Rapidan Energy Group.
The national average price of gasoline reached about $3.58 per gallon Wednesday, according to AAA. The International Energy Agency has also recommended that member nations consider releasing up to 400 million barrels from strategic reserves to help calm markets.
The Strategic Petroleum Reserve currently holds about 415 million barrels of oil, one of its lowest levels in decades, and is designed to buffer supply disruptions caused by geopolitical conflicts or natural disasters.
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