Trump Evaluates New Policies to Combat Rising Oil Prices
President Trump is reviewing options like reserve sales and tax holidays to lower oil prices. The move follows energy cost spikes linked to regional conflict.
President Donald Trump is expected to review a series of strategic options as early as Monday to address surging energy costs, as Brent Crude Oil prices hit their highest levels since 2022. The price spike is largely attributed to the escalating conflict involving the United States, Israel, and Iran. High energy costs have already impacted global stock markets and pose a significant economic and political risk ahead of the upcoming midterm elections, where voters have identified the cost of living as a top concern.
One primary lever available to the administration is the release of crude from the Strategic Petroleum Reserve (SPR). The U.S. currently maintains over 415 million barrels, though levels are at their lowest since the mid-1980s following significant sales during the 2022 invasion of Ukraine by Russia. International Energy Agency head Fatih Birol noted the availability of global reserves during a meeting with G7 finance ministers.
