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Could tapping the Strategic Petroleum Reserve lower gas prices? Here's what experts say.
The Strategic Petroleum Reserve holds 415 million barrels and was last used in 2022; experts say its release could ease but not fully offset current supply disruptions.
- On Wednesday, President Donald Trump said his administration will tap the United States' Strategic Petroleum Reserve to try to reduce gasoline prices, but he did not specify release volumes.
- Iran has attacked commercial ships across the Persian Gulf, halting cargo traffic through the Strait of Hormuz, and AAA reported the average price per gallon was $3.54 on Tuesday, up from about $2.92 a month ago.
- The SPR comprises underground sites in Texas and Louisiana with a capacity of 714 million barrels, currently holding 415 million; releases take about 13 days to reach markets.
- Analysts warned that tapping reserves offers only temporary relief, with Patrick De Haan saying it could leave the U.S. more vulnerable after supplies run out.
- Even emptying the SPR would cover only about three weeks of Strait of Hormuz shipments, and Wood Mackenzie said on March 10 it 'cannot fully offset the supply loss', while Adi Imsirovic said reopening the Strait is key.
55 Articles
55 Articles
Donald Trump said today that the US could tap into its strategic oil reserves to lower the prices of oil and oil derivatives.
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US to release oil from strategic reserve, Trump says
President Trump plans to tap into the U.S.’s oil stockpile, he said Wednesday, though additional details on the release, which comes amid high prices driven by the war in Iran, were not immediately clear. Asked about the Strategic Petroleum Reserve during a visit to Ohio, Trump told TV station Local 12, “I filled it up once, [...]
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