Schumer Calls on Trump to Release Oil Reserves as Iran War Sends Prices Surging

The Senate minority leader is urging the president to tap the nation’s oil reserve—currently at 415.4 million barrels.

A fuel nozzle is seen in a car at a gas station in Los Angeles on March 8, 2026. Oil prices surged above $100 a barrel for the first time in nearly four years on March 8 over worries that the Iran war could create prolonged supply disruptions. Frederic J. Brown/AFP via Getty Images

U.S. Senate Minority Leader Chuck Schumer (D-N.Y.) on March 8 called on U.S. President Donald Trump to release oil from the nation’s Strategic Petroleum Reserve, saying the ongoing U.S. military conflict with Iran is driving up gas prices for U.S. families and that the administration has the tools to act.

The U.S. Strategic Petroleum Reserve (SPR) was created following the 1970s Arab oil embargo to store oil that could be accessed in an emergency.