Oil prices are soaring, but Trump is downplaying the need to tap the Strategic Petroleum Reserve

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NEW YORK (AP) — Oil prices have soared in the week since the U.S. and Israel launched their war against Iran, but President Donald Trump on Saturday downplayed the idea of turning to America’s Strategic Petroleum Reserve to ease the pressure.

Trump was asked by reporters on Air Force One about whether he would consider tapping the reserve. As the war continues to escalate across the Middle East, including in areas critical to the production and movement of oil and gas, that's strained the energy sector globally. In the U.S., consumers are already facing higher gas prices, a key cost of living.

“We’ve got a lot of oil. Our country has a tremendous amount,” Trump said. “There’s a lot of oil out there. That’ll get healed very quickly.”

Trump's Republican Party is under pressure over the issue of affordability ahead of November midterm elections. Tapping the reserve is among the few things a president can do on his own to try to make an impact on oil prices.

Here is a look at what would be involved:

The Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 million barrels of oil, although it is not currently full. The reserve held more than 415 million barrels as of the end of last month, up from about 395 million barrels at this time in 2025, according to the U.S. Energy Department.

The reserve was created after the 1970s Arab oil embargo to give the United States a supply that could be used in an emergency. The amount of oil inside peaked more than a decade and a half ago, Energy Department data shows, when the reserve held more than 726.6 million barrels at one point.

Today, the U.S. exports more petroleum than it imports. But the reserve remains and has been tapped for various reasons over time, from offsetting the impact of hurricanes and ship-channel closings to raising money for deficit reduction.

Former presidents have turned to the reserve amid supply disruptions spanning from geopolitical conflicts, adding more supply onto the market in the hope of pushing prices lower. President Joe Biden drew significantly from the reserve in 2022 following Russia’s invasion of Ukraine, dropping the stockpile to its lowest level since the 1980s. Back in 1991, President George H.W. Bush also authorized withdrawing nearly 34 million barrels during the Gulf War, although only 17 million barrels were used. And in 2011, President Barack Obama approved the release of 30 million barrels to offset the disruption of supply from Libya.

As the Iran war continues to escalate, oil prices have spiked rapidly, reaching their highest level since 2023. The price for a barrel of Brent crude, the international standard, jumped 8.5% to $92.69 on Friday — up from nearly $70 a barrel just late last week. Meanwhile, benchmark U.S. crude climbed 12.2%, to $90.90 a barrel on Friday.

The Trump administration took one step last week to respond to the higher prices: the Treasury Department said India can buy crude oil and petroleum products from Russia until April 4, calling the sanctions waiver a “stop-gap measure" to “alleviate pressure” on the market.

But asked whether he would take other steps, such as tapping the SPR, Trump downplayed the need to use the supplies — noting the U.S. has “a tremendous amount” of oil — and instead focused on criticizing Biden, his predecessor, for drawing down the reserves.

Trump said he would begin filling up the SPR again at the “appropriate time, which is basically a gut instinct.”

Many factors go into prices at the pump.

In the U.S., the average price for gasoline has already climbed nationally — sitting at about $3.41 per gallon on Saturday, up about 43 cents a week ago, per motor club AAA. But refineries buy crude oil in advance, so it's possible that the pain of higher prices could increase if the war drags on. And even if more oil were withdrawn from the Strategic Petroleum Reserve, refineries could still be working with more expensive supply for a bit.

As always, some states also have pricier averages than others, due to factors ranging from nearby refinery supply to local fuel requirements and differing tax rates. On Saturday, California had the highest average of nearly $5.08 per gallon, while Kansas had the lowest of about $2.90 a gallon.

Gas prices are regressive — meaning lower-income people are more likely to spend a higher percentage of their money on fuel than affluent Americans. So increases hurt the most price-sensitive consumers.

Oil is lighter than water — that’s why disasters like those caused by the Exxon Valdez tanker and the Deepwater Horizon drilling rig create slicks on the surface. To remove oil from the reserves, water is pumped into the salt caverns, making the crude float to the surface, where it is captured and sent through pipelines to refineries.

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AP writer Seung Min Kim contributed to this report from Washington.