Schumer Shifts on Oil Reserves as Prices Soar

Senate Minority Leader now wants Trump to tap strategic oil stockpile after previously blocking efforts to refill it.

Published on Mar. 9, 2026

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Senate Minority Leader Chuck Schumer, D-N.Y., is calling on President Donald Trump to tap into the nation's Strategic Petroleum Reserve (SPR) to help stabilize oil prices that have spiked amid the ongoing conflict in the Middle East. This comes years after Schumer blocked Trump's attempt to replenish the SPR when prices were low.

Why it matters

The SPR exists to provide a buffer during global energy supply disruptions, but its current levels are low after being tapped twice under President Biden. Schumer's shift in position highlights the political tensions around energy policy and the challenges of balancing short-term price relief with long-term energy security.

The details

In 2020, Trump wanted to use $3 billion from a COVID-19 stimulus package to fill the SPR when oil prices were around $29 per barrel. However, Schumer and congressional Democrats rejected the move, calling it a "bailout" for the oil industry. Now, with oil prices over $110 per barrel, Schumer is urging Trump to release oil from the SPR to "stabilize markets, bring prices down, and stop the price shock that American families are already feeling." The SPR currently holds about 415 million barrels, down from its capacity of over 700 million, after being tapped twice under Biden.

  • In 2020, oil prices were around $29 per barrel when Trump wanted to fill the SPR.
  • In 2021, Biden tapped the SPR to provide "much-needed temporary relief at the pump."
  • Toward the end of Biden's presidency, his administration bought back barrels to refill the reserves.

The players

Chuck Schumer

Senate Minority Leader, a Democrat from New York who previously blocked Trump's efforts to fill the SPR but is now calling on him to tap the reserves.

Donald Trump

The former president who wanted to use $3 billion from a COVID-19 stimulus package to fill the SPR when prices were low.

Joe Biden

The former president who tapped the SPR twice to combat rising energy costs, actions that Schumer supported.

Chris Wright

The Energy Secretary who argued that the best way to lower prices is to reopen the Strait of Hormuz by neutralizing Iran's ability to target oil tankers.

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What they’re saying

“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.”

— Chuck Schumer, Senate Minority Leader

“Senator Schumer championed Joe Biden's Green New Scam, which raised energy costs, threatened our national security, and stifled American energy independence. President Trump has been unleashing American energy dominance since day one, and now, American oil and gas production is at record highs.”

— Taylor Rogers, White House spokeswoman (Fox News Digital)

“We believe this is a small price to pay to get to a world where energy prices will return back to where they were. Iran will finally be defanged, and now you can see more investment, more free flow of trade, and less ability to threaten energy supplies.”

— Chris Wright, Energy Secretary (Fox News)

What’s next

The administration has not announced any public plans to tap into the Strategic Petroleum Reserve as of now, but the situation remains fluid as the conflict in the Middle East continues to impact global energy markets.

The takeaway

Schumer's shift on the Strategic Petroleum Reserve highlights the political challenges of energy policy, where short-term price relief must be balanced against long-term energy security. The current high prices underscore the need for a comprehensive energy strategy that can withstand global disruptions.