economy
March 11, 2026
Iran war: Trump says he'll tap Strategic Petroleum Reserve to cut energy costs
The U.S. currently has 415 million barrels of oil in its strategic reserve, about 58% of the authorized capacity of 714 million barrels.
TL;DR
- President Trump plans to tap the Strategic Petroleum Reserve to lower energy costs.
- The decision is in response to the Iran war, which has disrupted global oil supplies.
- U.S. gasoline prices have risen to an average of $3.58 per gallon.
- The International Energy Agency agreed to release 400 million barrels of oil, the largest release in its history.
- The U.S. has 415 million barrels in its strategic reserve, at 58% of authorized capacity.
- Interior Secretary Doug Burgum stated that President Trump will make the final decision on U.S. participation in the IEA action.
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