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Oil prices have soared in the week since the U.S. and Israel launched their war against Iran, but President Donald Trump on Saturday downplayed the idea of turning to America\u2019s\u00a0Strategic Petroleum Reserve\u00a0to ease the pressure.<\/p>\n
Trump was asked by reporters on Air Force One about whether he would consider tapping the reserve. As the war continues to escalate across the Middle East, including in areas critical to the production and movement of oil and gas, that\u2019s strained the energy sector globally. In the U.S., consumers are\u00a0already facing higher gas prices, a key cost of living.<\/p>\n
\u201cWe\u2019ve got a lot of oil. Our country has a tremendous amount,\u201d Trump said. \u201cThere\u2019s a lot of oil out there. That\u2019ll get healed very quickly.\u201d<\/p>\n
Trump\u2019s Republican Party is under\u00a0pressure over the issue of affordabilityahead of November midterm elections. Tapping the reserve is among the few things a president can do on his own to try to make an\u00a0impact on oil prices.<\/p>\n
Here is a look at what would be involved:<\/p>\n
What is the Strategic Petroleum Reserve?<\/p>\n
The\u00a0Strategic Petroleum Reserve\u00a0is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 million barrels of oil, although it is not currently full. The reserve held more than 415 million barrels as of the end of last month, up from about 395 million barrels at this time in 2025,\u00a0according to the U.S. Energy Department.<\/p>\n
The reserve was created after the 1970s Arab oil embargo to give the United States a supply that could be used in an emergency. The amount of oil inside peaked more than a decade and a half ago, Energy Department data shows, when the reserve held more than 726.6 million barrels at one point.<\/p>\n
How is it used?<\/p>\n
Today, the U.S. exports more petroleum than it imports. But the reserve remains and\u00a0has been tapped for various reasons\u00a0over time, from offsetting the impact of hurricanes and ship-channel closings to raising money for deficit reduction.<\/p>\n
Former presidents have turned to the reserve amid supply disruptions spanning from geopolitical conflicts, adding more supply onto the market in the hope of pushing prices lower. President Joe Biden\u00a0drew significantly from\u00a0the reserve in 2022 following Russia\u2019s invasion of Ukraine, dropping the stockpile to its lowest level since the 1980s. Back in 1991, President George H.W. Bush also authorized withdrawing nearly 34 million barrels during the Gulf War, although only 17 million barrels were used. And in 2011, President Barack Obama approved the release of 30 million barrels to offset the disruption of supply from Libya.<\/p>\n
Why isn\u2019t Trump tapping the reserve now?<\/p>\n
As the Iran war continues to escalate, oil prices have spiked rapidly, reaching their\u00a0highest level since 2023. The price for a barrel of Brent crude, the international standard, jumped 8.5% to $92.69 on Friday \u2014 up from nearly $70 a barrel just late last week. Meanwhile, benchmark U.S. crude climbed 12.2%, to $90.90 a barrel on Friday.<\/p>\n
The Trump administration\u00a0took one step last week\u00a0to respond to the higher prices: the Treasury Department said India can buy crude oil and petroleum products from Russia until April 4, calling the sanctions waiver a \u201cstop-gap measure\u201d to \u201calleviate pressure\u201d on the market.<\/p>\n
But asked whether he would take other steps, such as tapping the SPR, Trump downplayed the need to use the supplies \u2014 noting the U.S. has \u201ca tremendous amount\u201d of oil \u2014 and instead focused on criticizing Biden, his predecessor, for drawing down the reserves.<\/p>\n
Trump said he would begin filling up the SPR again at the \u201cappropriate time, which is basically a gut instinct.\u201d<\/p>\n
Would gas get cheaper if the reserve was tapped?<\/p>\n
Many factors go into prices at the pump.<\/p>\n
In the U.S., the average price for gasoline\u00a0has already climbed\u00a0nationally \u2014 sitting at about $3.41 per gallon on Saturday, up about 43 cents a week ago, per motor club AAA. But refineries buy crude oil in advance, so it\u2019s possible that the pain of higher prices could increase if the war drags on. And even if more oil were withdrawn from the Strategic Petroleum Reserve, refineries could still be working with more expensive supply for a bit.<\/p>\n
As always, some states also have pricier averages than others, due to factors ranging from nearby refinery supply to local fuel requirements and differing tax rates. On Saturday, California had the highest average of nearly $5.08 per gallon, while Kansas had the lowest of about $2.90 a gallon.<\/p>\n
Gas prices are regressive \u2014 meaning lower-income people are more likely to spend a higher percentage of their money on fuel than affluent Americans. So increases hurt the most price-sensitive consumers.<\/p>\n
How do they get the oil out?<\/p>\n
Oil is lighter than water \u2014 that\u2019s why disasters like those caused by the Exxon Valdez tanker and the Deepwater Horizon drilling rig create slicks on the surface. To remove oil from the reserves,\u00a0water is pumped into the salt caverns, making the crude float to the surface, where it is captured and sent through pipelines to refineries.<\/p>\n
#rising #prices #Trump #downplays #tap #Strategic #Petroleum #Reserve<\/p>\n","protected":false},"excerpt":{"rendered":"
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