Schumer calls on Trump to tap Strategic Petroleum reserve amid rising oil prices

Senate Democratic Leader Chuck Schumer (N.Y.) on Sunday called on President Trump to immediately release oil from the Strategic Petroleum Reserve amid rising oil and gas prices caused by the military conflict in Iran.

Oil prices jumped to nearly $120 a barrel before dropping some on Monday as missile strikes on Iran and Tehran’s retaliatory strikes on Arab countries have put pressure on supplies.

Brent crude reached $119.50 a barrel before falling back to $106 a barrel while West Texas Intermedia rose to $119.48 a barrel before dropping back to $103.

“The Strategic Petroleum Reserve exists for moments exactly like this,” Schumer said in a statement. 

“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 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,” he added.

The conflict has paralyzed oil tanker traffic through the critical Strait of Hormuz, through which 20 million barrels of oil usually pass per day.

Gas prices have risen approximately 43 cents per gallon since the Iran conflict began on Feb. 28.

“While rising prices may work for Trump’s billionaire buddies, real Americans are already suffering under Trump’s higher costs for electricity, groceries, and healthcare,” Schumer said. 

Energy Secretary Chris Wright said in an interview with CBS’s “Face the Nation” that higher oil prices would be “temporary” and that gas prices “shouldn’t go much higher.”

Wright argued that “what you’re seeing is emotional reactions and fear that this is a long-term war” and predicted that “this is not a long-term war.”

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