Senate Minority Leader Chuck Schumer on Sunday called on President Donald Trump to sell crude from the nation’s Strategic Petroleum Reserve to lower prices at the pump.
The price of oil topped $100 per barrel this weekend for the first time since 2022 as U.S. and Israel continue their campaign against Iran. That’s giving Democrats a new opening in their claims the administration is making life more expensive for Americans.
“The Strategic Petroleum Reserve exists for moments exactly like this,” said Schumer. “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 took to Truth Social on Sunday to say temporary oil price spikes were a “very small price to pay” for destroying Iran’s nuclear threat. “Only fools would think differently!” Trump said.
Energy Secretary Chris Wright, during an interview with CBS News’ “Face the Nation,” suggested tapping into the reserve would be premature at this point. “We have a temporary period of elevated energy prices, but it will not be long,” Wright said.
The administration has promised to help protect and insure oil tankers crossing the Strait of Hormuz, the access point to the Persian Gulf, and moved to allow India to make temporary purchases of sanctioned Russian oil.
White House press secretary Karoline Leavitt, in a statement to POLITICO last week, touted record domestic production and new oil supplies from Venezuela.
“The departments of Energy and Treasury will continue to monitor oil markets and do everything possible to keep prices stable,” Leavitt said.
Congressional Republicans have so far pointed to the administration for action on rising oil and natural gas prices because of conflict in the Middle East.
The federal petroleum reserve is at 58 percent capacity and suffered some damage during the Biden-era drawdowns. Prices would likely have to rise further and stay high for the administration to deplete it more.
Still, Schumer said, “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.”
The average price of regular gasoline stands at $3.45 a gallon as of Sunday, according to AAA. That’s up from roughly $2.90 a month before.
Schumer last week said Democrats would release legislation on energy affordability. His office did not provide details. Also on Sunday, the New York Democrat said he would push legislation to ban U.S. oil sales to China.
Separately, Sen. Mark Kelly (D-Ariz.) will introduce legislation to suspend the 18.4-cent-per-gallon federal gasoline tax. Similar legislation in the past has not gone far.
“Trump’s war with Iran is driving up gas prices. Americans shouldn’t be stuck paying the bill for his bad decisions,” Kelly wrote in a post on X.
Reporters Pavan Acharya and James Bikales contributed to this report.
