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Trump Orders 172-Million-Barrel SPR Drawdown, Prices Surge

8/7/2026

27 4 Full Breakdown

Summary

Story summary

President Donald Trump pledged a 172 million-barrel drawdown from the Strategic Petroleum Reserve, the SPR’s lowest level since 1983, and warned on June 17 the U.S. could run out in four weeks.
On July 8, Brent rose 5.2% to $78.02 and WTI rose 4.4% to $73.52, reflecting market response.
Trump accused ExxonMobil and Chevron of profiting from the war and urged lower pump prices, though executives said forces will keep retail prices high.

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Story summary

President Donald Trump pledged a 172 million-barrel drawdown from the Strategic Petroleum Reserve, the SPR’s lowest level since 1983, and warned on June 17 the U.S. could run out in four weeks.
On July 8, Brent rose 5.2% to $78.02 and WTI rose 4.4% to $73.52, reflecting market response.
Trump accused ExxonMobil and Chevron of profiting from the war and urged lower pump prices, though executives said forces will keep retail prices high.