Trump Announces Gas Price Fix: Drain Giant Oil Lifeboat, Then Fill It Again
KEY POINTS
- ā¢President Trump said on March 12 he will release oil from the Strategic Petroleum Reserve to lower rising gas prices due to the Iran war.
- ā¢The International Energy Agency recommended releasing up to 400 million barrels to stabilize surging costs after crude hit triple digits on March 8.
- ā¢Trump suggested Navy escorts through the Strait of Hormuz and insurance for ships, while the SPR holds about 415 million barrels near a decades low.
On March 12, 2026, President Trump declared he'll squeeze the Strategic Petroleum Reserve (SPR), the 415-million-barrel national oil lifeboat, to cool $3.578 gas prices amid the Iran war chaos thatās slammed 20% of global oil supplyādouble the Suez Crisis record from 1956. During his Ohio-Kentucky tour, Trump confidently claimed, 'I filled it up once, and I'll fill it up again,' treating the SPR like a cosmic gas credit card. After Biden sold off 40% of the SPR in 2022, Republicans pitched a fit about vulnerability. Meanwhile, the IEA called for a joint release of up to 400 million barrels, but with reserves near decades-low, itās a high-stakes oil stripper pole. Adding to the drama, Trump floated Navy escorts through the Strait of Hormuz and vague insurance for ships navigating this oil chokeholdābecause who doesnāt want pirates and warzone risk management bundled into fuel price fixes?
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(1 of 3)Trump's master plan to fix gas prices: siphon vast oil reserves like refilling a party keg, then somehow pour it back faster than your patience runs out.
Releasing barrels from SPR is political cosplay: act serious about crises, then pray the market behaves better than Toddler Congress.
Nothing says 'we got this' like promising to 'fill up again' a petrol piggy bank you already emptied during the last administration.
Source: Axios | Published: 3/11/2026 | Author: Josephine Walker
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