Trump Announces Release of Strategic Petroleum Reserves to Curb Rising Gas Prices

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President Donald Trump announced on Wednesday that the U.S. will tap into the Strategic Petroleum Reserve in an effort to tamp down surging gas prices. The national average for a gallon of gasoline reached $3.59, a more than 50-cent increase since the U.S. and Israel began striking Iran. Trump said the U.S. will "reduce it a little bit, and that brings the prices down," referring to using the petroleum reserve for the first time since 2022, when Russia's invasion of Ukraine triggered supply disruptions.

Why it matters

The decision to release oil from the Strategic Petroleum Reserve, a stockpile maintained by the federal government to mitigate supply disruptions, underscores the economic and political pressure the Biden administration is facing due to rising fuel costs. Gas prices have spiked as the U.S. and its allies escalate military action against Iran, a major oil producer, further straining global energy supplies.

The details

The U.S. will release an unspecified amount of oil from the Strategic Petroleum Reserve, which has not been tapped since 2022 when Russia's invasion of Ukraine triggered supply disruptions. Trump's announcement came hours after the International Energy Agency, a group of 31 member countries, agreed to release 400 million barrels of oil from their collective reserves.

• The national average for a gallon of gasoline reached $3.59 on Wednesday, March 11, 2026.
• The U.S. and Israel began striking Iran, leading to the surge in gas prices, in early 2026.

What they’re saying

What’s next

The Biden administration will need to determine the specific amount of oil to be released from the Strategic Petroleum Reserve and coordinate with the International Energy Agency on the timing and logistics of the coordinated release.