President announces Strategic Petroleum Reserve release as crude oil hits triple digits and 20% of global supply remains disrupted.
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President Trump announced Wednesday he will tap the Strategic Petroleum Reserve to counter rising gasoline prices as the ongoing Iran war disrupts global oil shipments. The decision follows the International Energy Agency's recommendation for member governments to jointly release up to 400 million barrels from strategic stockpiles. The national average gas price reached $3.578 per gallon on Wednesday.
The war has caused unprecedented oil market disruption, with 20% of global supply affected in just nine days — more than double the previous record during the 1956-57 Suez Crisis. Crude oil prices hit triple digits for the first time since 2022 on March 8, throwing global markets into turmoil. The Strait of Hormuz, a critical shipping chokepoint, remains severely impacted by the conflict.
The Strategic Petroleum Reserve currently holds about 415 million barrels, near its lowest levels in decades as of March 6. Trump indicated the drawdown would be temporary, stating he would "fill it up again" after reducing prices. The reserve's current capacity could theoretically fuel about 630 million sedans if entirely refined into gasoline.
Trump has proposed Navy escorts for tankers navigating the Strait of Hormuz and the U.S. International Development Finance Corp. is offering insurance policies for ships in the area. Republicans view offsetting gas price increases as crucial ahead of the 2026 midterm elections. The administration maintains that consumer pain from the war will be temporary.