Summary
President Donald Trump said Thursday he will not draw from the Strategic Petroleum Reserve despite a recent rise in gasoline prices attributed to the expanding Iran conflict. In an exclusive interview with Reuters, the president framed the U.S. military operation as the priority and downplayed concerns about higher pump prices.
Details of the statement
Asked about the increase in prices at the pump, the president responded, "I don’t have any concern about it." He told Reuters that the military action was the central focus, adding that fuel prices "will drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline price go up a little bit." He also described the recent cost movement as limited, saying the costs "haven’t risen very much."
Price data cited
The national average price for gasoline rose 27 cents from the previous week to $3.25 per gallon, according to AAA, the U.S. travel organization that tracks fuel prices. That data point was referenced in the context of the broader discussion about whether to use the Strategic Petroleum Reserve to ease pump prices.
Comments on shipping lanes
On the security of the Strait of Hormuz - the crucial channel for oil shipping near Iran - the president expressed confidence it would remain open. He stated that Iran’s navy was effectively neutralized, saying it was at the "bottom of the sea."
Implications and focus
The president's remarks make clear that he views the ongoing U.S. military operation as outweighing near-term consumer impacts from modest increases in gasoline prices. The refusal to tap the Strategic Petroleum Reserve leaves current market dynamics and the AAA-tracked national average in place while the situation related to the Iran conflict evolves.
Takeaway
- The administration will not use the Strategic Petroleum Reserve at this time.
- Gasoline prices have risen by 27 cents week-over-week to a $3.25 national average per AAA.
- The president emphasized military priorities and expressed confidence in the continued openness of the Strait of Hormuz.