Story perspectives

Trump Considers Strategic Oil Release Amid Rising Prices

3/19/2026

Summary

Story summary

U.S. President Donald Trump’s administration is considering another release from the Strategic Petroleum Reserve to lower gas prices, according to Treasury Secretary Scott Bessent.
Bessent cited the possible unsanctioning of 140 million barrels of Iranian oil already loaded on tankers.
Officials allowed temporary deliveries of Russian oil, a move that drew criticism.
Oil and gas prices reached $118 per barrel and $3.88 per gallon, respectively.
The International Energy Agency plans to release 400 million barrels from emergency reserves.

History

Historical Context

Established in 1975 following the 1973 oil crisis, the U.S. Strategic Petroleum Reserve (SPR) was designed to hold up to 750 million barrels to counteract supply disruptions. As of 2023, the Biden administration's ongoing releases from the SPR, which have reduced its inventory by 45%, underscore the reserve's critical role in stabilizing oil markets amid geopolitical tensions and fluctuating prices, recently reaching $118 per barrel.

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Story summary

U.S. President Donald Trump’s administration is considering another release from the Strategic Petroleum Reserve to lower gas prices, according to Treasury Secretary Scott Bessent.
Bessent cited the possible unsanctioning of 140 million barrels of Iranian oil already loaded on tankers.
Officials allowed temporary deliveries of Russian oil, a move that drew criticism.
Oil and gas prices reached $118 per barrel and $3.88 per gallon, respectively.
The International Energy Agency plans to release 400 million barrels from emergency reserves.

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