Trending Now - Trump Downplays Tapping Strategic Petroleum Reserve Amid Rising Oil Prices

WHO:

President Donald Trump

U.S. Energy Department

President Joe Biden

President George H.W. Bush

President Barack Obama

Treasury Department

AAA (American Automobile Association)

WHAT:

Oil prices have soared since the U.S. and Israel launched their war against Iran.

Trump downplayed the need to tap the Strategic Petroleum Reserve (SPR).

The SPR can hold more than 700 million barrels of oil; it held over 415 million barrels as of February 2026.

The reserve was created after the 1970s Arab oil embargo.

The price for a barrel of Brent crude jumped 8.5% to $92.69 on March 6, 2026.

Benchmark U.S. crude climbed 12.2% to $90.90 a barrel on March 6, 2026.

The average price for gasoline in the U.S. was about $3.41 per gallon on March 6, 2026.

California had the highest average gas price of nearly $5.08 per gallon, while Kansas had the lowest at about $2.90 per gallon.

Trump stated, “We’ve got a lot of oil. Our country has a tremendous amount.”

WHERE:

Strategic Petroleum Reserve located in Texas and Louisiana.

The U.S. and Israel are involved in a conflict against Iran.

WHEN:

The U.S. and Israel launched their war against Iran in early March 2026.

The SPR held over 415 million barrels as of February 2026.

The Treasury Department announced a sanctions waiver for India to buy crude oil from Russia until April 4, 2026.

WHY:

The escalation of the Iran war has strained the global energy sector and increased oil prices.

Trump’s Republican Party is under pressure over affordability ahead of the November 2026 midterm elections.

HOW:

Oil is removed from the SPR by pumping water into the salt caverns, making the crude float to the surface for capture and transport to refineries.

(UPDATED March 8, 2026 13:18 UTC)

Oil prices have surged dramatically since the U.S. and Israel began their military actions against Iran earlier this month, with Brent crude rising 8.5% to $92.69 a barrel and U.S. benchmark crude climbing 12.2% to $90.90. President Trump downplayed the necessity of tapping into the Strategic Petroleum Reserve, which currently holds over 415 million barrels, despite rising gas prices averaging about $3.41 per gallon across the country. As the conflict continues to strain the global energy sector, California is seeing the highest gas prices at nearly $5.08 per gallon, while Kansas has the lowest at about $2.90.