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BumRushDaShow

(168,563 posts)
Sat Mar 7, 2026, 09:05 PM 7 hrs ago

Oil prices are soaring, but Trump is downplaying the need to tap the Strategic Petroleum Reserve

Source: AP

Updated 6:27 PM EST, March 7, 2026


NEW YORK (AP) — 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’s Strategic Petroleum Reserve to ease the pressure.

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’s strained the energy sector globally. In the U.S., consumers are already facing higher gas prices, a key cost of living.

“We’ve got a lot of oil. Our country has a tremendous amount,” Trump said. “There’s a lot of oil out there. That’ll get healed very quickly.”

Trump’s Republican Party is under pressure over the issue of affordability ahead of November midterm elections. Tapping the reserve is among the few things a president can do on his own to try to make an impact on oil prices.

Read more: https://apnews.com/article/trump-iran-oil-strategic-petroleum-reserve-f94657cbef74c0c682f5cc6472bfb3cb



What this AP reporter neglected to mention was that before leaving office when the per bbl prices hit ~$75 or below, the the Biden administration started buying more to begin to refill (quite a bit had earlier been sold when the price was running as high as ~$90/bbl in order to affect the market price, which it did to some degree).

And then when 45 got back in, he claimed he was going to "fill it right to the top", but that never happened, and they ceased filling the reserve due to little funding to do so - even when oil was cheap, in the $50 - $60/bbl range.

Current status - https://www.energy.gov/hgeo/opr/spr-quick-facts
6 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Oil prices are soaring, but Trump is downplaying the need to tap the Strategic Petroleum Reserve (Original Post) BumRushDaShow 7 hrs ago OP
I am pretty sure it is because Trump sees it as HIS oil. drray23 7 hrs ago #1
are there long lines yet? CountAllVotes 6 hrs ago #2
As long as there is fuel for his jet and his war machine, Trump isn't worried. Aussie105 5 hrs ago #3
It is too early to do so, imho. This could be a long war, and even if it is not, disruptions take a while to recover artemisia1 5 hrs ago #4
Thanks for pointing out the refilling discrepancy. Hugin 4 hrs ago #5
There is only 20 days of supply in the SPR. Mawspam2 3 hrs ago #6

drray23

(8,707 posts)
1. I am pretty sure it is because Trump sees it as HIS oil.
Sat Mar 7, 2026, 09:08 PM
7 hrs ago

Trump considers everything his. We saw that play during the COVID crisis. They were hoarding the masks and other supplies for themselves and doling them out to states or even other countries that were supporting Trump.

Same with FEMA lately, where if you are a blue state, forget about getting any money.

CountAllVotes

(22,185 posts)
2. are there long lines yet?
Sat Mar 7, 2026, 10:38 PM
6 hrs ago

How many blocks long do the lines have to be before they release the oil from the reserves?

Answer: Not soon as its already been bought and sold



Aussie105

(7,818 posts)
3. As long as there is fuel for his jet and his war machine, Trump isn't worried.
Sat Mar 7, 2026, 11:04 PM
5 hrs ago

You plebs will just have to make do.

Got good walking shoes or a bicycle?

artemisia1

(1,750 posts)
4. It is too early to do so, imho. This could be a long war, and even if it is not, disruptions take a while to recover
Sat Mar 7, 2026, 11:10 PM
5 hrs ago

from and we are likely to need the reserves, not to lower prices, but to keep the economy afloat and trucks moving food and goods to market.

Hugin

(37,788 posts)
5. Thanks for pointing out the refilling discrepancy.
Sun Mar 8, 2026, 12:00 AM
4 hrs ago

The republican fossil fuel lobby has been trying to gut the strategic reserves for decades. Due to the fact it gives the federal government a measure of control over the supply/demand curve. I seem to remember that it was at its lowest level ever during Trump’s first imposition. I can see him proclaiming that it wasn’t needed any more and the invisible hand of the private markets would self-correct any problems. There’s that damned irony again.

Mawspam2

(1,099 posts)
6. There is only 20 days of supply in the SPR.
Sun Mar 8, 2026, 01:45 AM
3 hrs ago

On the plus side, we get very little (around 3%) oil from the Gulf states. We shouldn't need to tap the reserve unless Donald "Bing Bong" and his toadie, Kegs-breath, screws things up. ... Yeah, we're fucked.

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