Trump Celebrates High Oil Prices as US Drains Strategic Reserves to Lowest Levels in Decades
Former President Donald Trump declared on TRUTH Social that soaring oil prices benefit the United States as the world's largest producer, sparking immediate backlash from lawmakers warning of crushing costs for average Americans at the pump. With national gasoline averages surging to $3.60 per gallon—a 65-cent spike since conflict erupted—the market remains volatile as Iran retaliates against US-Israeli strikes, closes the Strait of Hormuz, and targets regional energy infrastructure while Iraq shuts key oil terminals.
Lawmakers and critics push back on Trump’s oil remarks
Rep. Don Beyer of Virginia told Trump to “end this stupid war” and cut gas prices, saying the president does not mind the pain at the pump because his “big oil donors” are making money. Rep. Bonnie Watson Coleman of New Jersey said when Trump says “we make a lot of money,” he means oil executives and wealthy investors, not working families. Journalist Zaid Jilani said Trump’s industry friends gain while consumers pay. Economist Jim Stanford said oil owners benefit while most Americans are hurt.
When gas prices go up, money flows up from middle-class families to the pockets of Oil Executives and wealthy investors…
That's who Trump means when he says "we" because that's who he cares about. https://t.co/DABwmvXfH3
— Rep. Bonnie Watson Coleman (@RepBonnie) March 12, 2026
To bring prices down, the US Department of Energy said it will sell 172 million barrels from the Strategic Petroleum Reserve, the country’s emergency oil supply. The Group of Seven nations agreed to release a combined 400 million barrels, which the International Energy Agency called the largest such release on record.
The reserve has been run by the federal government since 1975. It holds oil in more than 60 underground salt caverns along the Gulf Coast. Each cavern is roughly 200 feet wide and more than 2,500 feet tall, large enough to fit nearly two Empire State Buildings stacked together. It can hold more than 700 million barrels at full capacity, but currently sits at around 413 million barrels after big withdrawals during the Russia-Ukraine war in 2022.
Reserve raid would hit lowest level since 1982
Pulling out 172 million barrels would take the reserve to levels last seen in 1982, five years after it opened. The release starts next week and is expected to take about 120 days.
Crude oil prices still went up after the announcement. The international benchmark Brent crude climbed back toward $100 per barrel after dipping earlier in the week.
Energy Secretary Chris Wright said on Fox News Wednesday night the releases would run over four months, but he does not think the conflict will last that long. He promised to refill the reserve with around 200 million barrels within a year.
Goldman Sachs analysts said the final number could come in well below the 400 million barrel promise, putting it closer to 254 million barrels if the war eases and the Strait of Hormuz reopens. The full release, they said, would only happen if the disruption drags on much longer.
The IEA said its members hold over 1.2 billion barrels in emergency reserves combined, meaning this release would use up roughly a third of that supply.
Most recent US presidents have left office with less oil in the reserve than when they took over. Biden’s drawdowns were the biggest. The reserve dropped by more than 290 million barrels between January 2021 and June 2023 after the Ukraine war, before a slow refill began. He left office with about 243 million fewer barrels than when he started.
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