Overview
- Crude prices surged past $100 a barrel in recent days as the U.S.-Israel conflict with Iran rattled supply routes, and AAA reports the national gasoline average around $3.45, up more than 40 cents in a week.
- President Donald Trump downplayed tapping the Strategic Petroleum Reserve, saying the U.S. has “a tremendous amount” of oil and that the market will “heal very quickly.”
- Senate Minority Leader Chuck Schumer called for an immediate SPR release to curb pump prices, arguing the stockpile exists for situations like the current price shock.
- The White House is considering an SPR release with no formal decision, according to reports, and faces pushback from officials who question its necessity.
- The SPR holds roughly 415 million barrels, and the administration has turned to stop-gaps such as a Treasury waiver letting India buy Russian crude, while Energy Secretary Chris Wright says the reserve will be used if needed but stresses logistical constraints.