Schumer Calls on Trump to Release Oil Reserves as Iran War Sends Prices Surging

U.S. Senate Minority Leader Chuck Schumer (D-N.Y.) on March 8 called on U.S. President Donald Trump to release oil from the nation’s Strategic Petroleum Reserve, saying the ongoing U.S. military conflict with Iran is driving up gas prices for U.S. families and that the administration has the tools to act.

The U.S. Strategic Petroleum Reserve (SPR) was created following the 1970s Arab oil embargo to store oil that could be accessed in an emergency.

Former U.S. President Joe Biden tapped it in an effort to lower prices in 2022, releasing 180 million barrels. The Trump administration said that the move by the Biden administration was “reckless” and has worked to replenish the reserves since Trump took office again last year.

As of March 6, the nation’s stockpile stood at 415.4 million barrels of oil, according to the U.S. Energy Department. The stockpile has a capacity of about 700 million barrels of oil, according to the department. The Trump administration awarded contracts late last year to begin refilling the reserves.

Gas prices have risen since the conflict began on Feb. 28, reaching their highest levels since mid-2022 as oil has surged by roughly 25 percent. Brent crude futures climbed to $119.50 per barrel, and U.S. West Texas Intermediate hit $119.48.

The Iran conflict has blocked roughly one-fifth of the world’s oil supply by halting tanker traffic through the Strait of Hormuz in the Persian Gulf.

“The Strategic Petroleum Reserve exists for moments exactly like this,” Schumer said in a statement. “When wars and global crises disrupt energy markets, the United States has the ability to act, but President Trump and his administration are refusing to do so. Trump should release oil from the SPR now to stabilize markets, bring prices down, and stop the price shock that American families are already feeling thanks to his reckless war.”

A spokesperson for the White House told The Epoch Times that the Trump administration has been working since day one to “unleash American energy dominance.”

“Senator Schumer championed Joe Biden’s Green New Scam, which raised energy costs, threatened our national security, and stifled American energy independence,” White House spokeswoman Taylor Rogers said in an email. “President Trump has been unleashing American energy dominance since day one, and now, American oil and gas production is at record highs.”

Trump told the New York Post on March 9 that he has “a plan” to address rising oil prices but did not detail it. On March 8, Trump said on Truth Social that short-term oil price increases were “a very small price to pay for U.S.A., and world safety and peace.”

Energy Secretary Chris Wright said on March 8 on Fox News that the administration’s plan is to restore energy flow through the strait.

“One large tanker has already gone through the straits with no issues at all,” he wrote on X.

Wright suggested that tapping the reserve is not yet necessary.

G7 finance ministers also held off on March 9 on releasing emergency oil reserves. French Finance Minister Roland Lescure said after a meeting that they had agreed to use “any necessary tools if need be” but had not yet reached that threshold.

Schumer also said he plans to introduce legislation to ban the sale of U.S. oil to China, citing reports that the Trump administration is considering such a move even as domestic prices climb. He also called on the administration to stop what he described as attacks on clean energy, arguing that a diversified energy supply helps shield families from oil price shocks.