Could tapping the Strategic Petroleum Reserve lower gas prices?
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The Bottom Line
Releasing oil from the Strategic Petroleum Reserve could lower gas prices, but depends on market conditions.
How This Affects You
A release from the Strategic Petroleum Reserve could potentially lower your gas prices, depending on the volume and market response.
AI Summary
The Strategic Petroleum Reserve (SPR) is intended to mitigate disruptions to U.S. oil supplies during emergencies. While the SPR's primary function is national security, its potential impact on consumer gas prices is often debated. Releasing oil from the reserve could increase supply, which theoretically might reduce prices at the pump. However, the extent and duration of such an effect depend on market conditions and the volume of oil released. The decision to tap the SPR is a presidential prerogative, typically reserved for significant supply shortages.
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Economy & Markets
Monitoring the US and global economy including inflation, employment, Federal Reserve policy, trade tensions, market volatility, housing affordability, and the financial pressures facing American households.
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Tracking the evolving military and diplomatic situation across the Middle East, including US-Iran tensions, Israeli operations, proxy conflicts, and the broader geopolitical implications for the region.
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Energy Secretary Chris Wright said Wednesday that the United States will release 172 million barrels from the Strategic Petroleum Reserve as part of the International Energy Agency's efforts to combat steep oil prices amid the Iran war.
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President Trump on Friday said he was looking at loosening shipping rules in the Jones Act as a method to lower gas prices that have skyrocketed since the U.S. launched its military offensive in Iran two weeks ago. Fox News host Brian Kilmeade pressed Trump on the issue during an interview on Kilmeade’s eponymous podcast,…
PoliticsU.S. releasing 172 million barrels of oil from reserve
The Trump administration announced Wednesday that it would release 172 million barrels of oil from the Strategic Petroleum Reserve. James Bikales, energy reporter for Politico, joins CBS News to discuss what impact that may have on gas prices.
U.S. investigates strike on Iranian school as the war sparks a global oil crisis
Trump, who promised to lower gas prices, is tapping the Strategic Petroleum Reserve as war drives prices up. And, the U.S. investigates the strike on an Iranian school that killed at least 165 people.
Economy showed cracks pre-Iran attack, data shows
<p>The economy was flashing stagflation signals — tepid growth and high inflation — even before the <a href="https://www.axios.com/world/iran" target="_blank">Iran</a> conflict added an oil shock to the mix.</p><p><strong>Why it matters:</strong> What happens when geopolitical turmoil clogs up the world's oil supply chain, against a backdrop of a U.S. economy losing momentum amid sticky inflation?</p><ul><li>We're about to find out.</li></ul><hr><p><strong>Driving the news:</strong> A revision to fourth-quarter GDP shows the economy grew at only a 0.7% annualized rate in the final months of 2025, half as much as the 1.4% growth rate originally estimated.</p><ul><li>Real final sales to private domestic purchasers, an underlying measure of growth that sums up consumer spending and private investment, rose at a 1.9% annual rate in the fourth quarter — a downward revision of 0.5 percentage point.</li></ul><p><strong>By the numbers: </strong>Also Friday morning, the Commerce Department r...
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