Trump will tap oil reserve as Iran war drives up gas prices
By Josephine Walker
Published on March 11, 2026.
President Donald Trump has announced plans to use the nation's Strategic Petroleum Reserve (SPR) to counter rising gasoline prices due to the Iran war. The decision comes after the International Energy Agency recommended that member governments should jointly release up to 400 million barrels of oil from strategic stockpiles to stabilize prices. The reserve, which acts as a safety net against political disputes, natural disasters, weather and labor strikes, is near its lowest levels in decades and as of March 6, 2026, it holds about 415 million barrels, which could fill about 630 million sedans if all of it were refined into gasoline.
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