Trump Releases Record SPR Oil to Lower Gasoline Prices

President Donald Trump is releasing crude oil from the Strategic Petroleum Reserve (SPR) at a faster pace than former President Joe Biden to lower gasoline prices before the upcoming midterm elections. This surge in releases follows a global oil crisis triggered by a war with Iran and the shutdown of the Strait of Hormuz in late February, which derailed more than 1.2 billion barrels of crude oil.

SPR levels are now approaching their lowest points since the early 1980s. Since the start of the conflict, reserves have dropped by 10% to 374 million barrels, highlighted by a record release of 9.9 million barrels in the week ending May 15. Approximately half of the crude released throughout April and May has been exported to Asia and Europe.

While shrinking commercial inventories at Cushing, Oklahoma, have raised concerns regarding global energy stability, the White House stated that restricting or banning oil exports is not currently under consideration.