Trump rules out using strategic oil reserves to combat soaring oil prices - Reuters

LootboxPhobia · 2026-03-05T20:28:09+00:00

President Trump stated in an interview that despite the Iran conflict causing U.S. gasoline prices to rise, he will not use strategic petroleum reserves, believing that military action is more important. He expects oil prices to quickly fall back after the conflict ends and said that the current price increase is not significant.

LootboxPhobia

2026-03-05 20:28:09

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Investing.com – Despite the escalation of the Iran conflict leading to rising U.S. gasoline prices, President Trump said on Thursday that he would not use strategic petroleum reserves. In an exclusive interview with Reuters, he stated that U.S. military action remains his top priority.

When asked about the rising oil prices, he said, “I’m not worried about it. Once all this is over, oil prices will fall quickly. If prices go up, so be it, but that’s much less important than a slight increase in gasoline prices.”

According to AAA, the American Automobile Association that tracks fuel prices, the national average gasoline price has increased by 27 cents since last week, reaching $3.25 per gallon.

Trump said the price “hasn’t risen much.”

The president expressed confidence that the Strait of Hormuz, a key oil transit route near Iran, will remain open because the Iranian navy has already “sunk to the bottom of the sea.”

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