“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” Trump wrote in a Truth Social post Thursday morning, suggesting that Americans would see economic benefits as gas prices shoot up.
But on some level, Trump knows that high oil prices aren’t good for the U.S., at least from a political standpoint. On Wednesday, Trump said he would open the U.S. Strategic Petroleum Reserve and release 172 million barrels of oil to help bring prices down.
Energy Secretary Chris Wright said the releases will begin next week and take about 120 days. The reserve is about 59 percent full, with the Trump administration replenishing only small amounts of oil. The last time it was tapped was by President Biden in 2022 after Russia invaded Ukraine.
Right now, the 20 million barrels of crude oil that usually traverse through the strait are stuck thanks to an Iranian blockade reinforced by sea mines. The U.S. typically consumes a similar amount of crude oil each day. If the strait doesn’t reopen soon, the stocks of American oil producers might gain value, but the average American will end up having to spend a massive chunk of their paycheck on gas, causing a ripple effect that will further hurt the economy.
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