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Iran war: Trump says he'll tap Strategic Petroleum Reserve to cut energy costs

CNBC
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President Trump announced plans to tap the U.S. Strategic Petroleum Reserve to lower energy costs amid the Iran war, which has disrupted global oil supplies and driven gasoline prices up 22% to $3.58 per gallon. The U.S. holds 415 million barrels—58% of its 714-million-barrel capacity—after Trump previously refilled the reserve, vowing to replenish it again post-release. The International Energy Agency approved a historic 400-million-barrel release, its largest ever, with the U.S. and 30+ member economies participating to stabilize markets. Interior Secretary Doug Burgum confirmed Trump will decide on U.S. involvement in the IEA’s coordinated action, calling the agency’s proposal "reasonable." The move aims to counter supply shortages from the Iran conflict, though long-term impacts on prices and reserve levels remain uncertain.
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In this articlePresident Donald Trump said Wednesday that he will tap the Strategic Petroleum Reserve to help lower energy costs during the Iran war. "We'll do that, and then we'll fill it up," Trump said in an interview with Cincinnati broadcaster WKRC. "I filled it up once, and I'll fill it up again, but right now, we'll reduce it a little bit, and that brings the prices down," the president said. Gasoline prices in the U.S. have risen to about $3.58 per gallon on average as the Iran war has triggered a massive disruption of global oil supplies, according to motorist group AAA. The current retail price is nearly 22% higher than the same period last month when gas cost about $2.94. Trump's comments come after the International Energy Agency agreed Wednesday to release 400 million barrels of oil to address the supply disruption. It is the largest release in the more than 50-year history of the IEA. The U.S. is a member of the IEA along with more than 30 other economies in Europe, North America and Northeast Asia. The U.S. currently has 415 million barrels of oil in its strategic reserve, about 58% of the authorized capacity of 714 million barrels.

Interior Secretary Doug Burgum told CNBC earlier Wednesday that Trump would ultimately decide whether the U.S. participates in the IEA action. "I think what you're hearing out of the IEA today is reasonable on their part, but clearly whether the U.S. participates is up to President Trump, he'll make the final decision on that," Burgum told CNBC's "Power Lunch."Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2026 Versant Media, LLC.

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