Schumer Calls on Trump to Release Oil Reserves as Iran Conflict Drives Up Gas Prices

As tensions escalate with Iran and oil prices surge, Senate Minority Leader Chuck Schumer (D-New York) is urging President Trump to tap into the Strategic Petroleum Reserve (SPR) to alleviate the financial burden on American families. The call comes as crude oil prices approach $100 a barrel and gasoline prices are rapidly increasing nationwide.

Rising Gas Prices and the SPR

According to AAA, the average national gas price on Sunday, March 9, 2026, reached $3.45 per gallon for regular unleaded, a jump of more than 46 cents in a single week. New York City residents are seeing an average of $3.44 per gallon, up from $3.00 the previous week. Long Island’s average is $3.31, rising from $2.89, and New Jersey’s average is $3.31, an increase of over 40 cents.

The Strategic Petroleum Reserve, with a combined authorized storage capacity of 714 million oil barrels across four sites, including the Bayou Choctaw site in Louisiana, has been utilized on four previous occasions to address emergency supply disruptions. The most recent release occurred in 2022 under the Biden administration in response to Russia’s invasion of Ukraine, coinciding with a similar spike in oil and gas prices.

Trump’s Response and Administration Stance

President Trump defended his policies on social media, stating, “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!”

Energy Secretary Chris Wright indicated a willingness to utilize the SPR if necessary, but highlighted logistical challenges. He pointed out the need to deliver oil to refineries in Europe and Asia, while as well noting the availability of over 100 million barrels of Russian crude awaiting delivery to China, with the Treasury Department granting waivers for companies to purchase it CNBC.

Oil Market Volatility

Oil prices have continued to climb, following a 35% increase the previous week. Schumer criticized the President’s assertion that prices would “heal very quickly,” urging him to consider the impact on drivers and truckers facing rising fuel costs.

NBC News contributed to this report.