Pres. Trump is saying that he is not looking to tap into the strategic petroleum reserve or SPR.
Trump was critical about the SPR reduction during the Biden Presidency. However, the Strategic Petroleum Reserve (SPR) is currently estimated to hold around 415 million barrels of crude oil, which is modestly higher than the level near the end of the Biden administration. At that time, the reserve stood at roughly 400–402 million barrels following partial efforts to refill the reserve after the large emergency drawdowns in 2022. That means the SPR has increased by only about 10–15 million barrels since Trump took office at the start of 2025.
Since the start of the Trump term, the price of oil moved down from around $80 to a low near $55.00 on three separate runs. The price is currently at $79.17.
Despite the modest increase in the SPR, the reserve remains well below historical levels. The SPR has a maximum capacity of about 714 million barrels, meaning it is currently a little more than half full. By comparison, the reserve held close to 695 million barrels in 2017, before years of congressionally mandated sales and the significant emergency releases that took place in 2022. As a result, while the reserve has been gradually rebuilt, it remains far below its earlier peak levels.
Trump's Chief of Staff Susie Wiles is now reportedly telling his advisors to bring ideas to the Oval Office to lower gasoline prices in the wake of the US attack on Iran. This is according to Politico citing sources.
Some ideas:
- A temporary holiday on the gasoline tax
- Using the US military to defend energy infrastructure in the Middle East.
A gallon of regular gas has moved up from $2.89 a month ago to $3.25 today. That is a rise of 12.5%
Needless to say, Trump cannot politically release SPR inventory especially since he did not make progress in building up the inventory when prices were sharply lower.
At the same time, oil price rises would be politically devastating if the war drags on and Iran is successful in disrupting production and and supply as their one and only leverage.
The stakes are high politically. If Democrats controlled Congress, they could increase oversight and potentially pursue impeachment, but removal from office would still require a two-thirds Senate vote, making it politically difficult. Cabinet members would not automatically be removed but could face investigations, funding constraints, or in rare cases impeachment(again subject to 2/3 majority vote). The investigations would likely be the most damaging.
