“We’ve got a lot of oil. Our country has a tremendous amount,” Trump said. “There’s a lot of oil out there. That’ll get healed very quickly.”
Here is a look at what would be involved:
The reserve was created after the 1970s Arab oil embargo to give the United States a supply that could be used in an emergency. The amount of oil inside peaked more than a decade and a half ago, Energy Department data shows, when the reserve held more than 726.6 million barrels at one point.
But asked whether he would take other steps, such as tapping the SPR, Trump downplayed the need to use the supplies — noting the U.S. has “a tremendous amount” of oil — and instead focused on criticizing Biden, his predecessor, for drawing down the reserves.
Trump said he would begin filling up the SPR again at the “appropriate time, which is basically a gut instinct.”
Many factors go into prices at the pump.
As always, some states also have pricier averages than others, due to factors ranging from nearby refinery supply to local fuel requirements and differing tax rates. On Saturday, California had the highest average of nearly $5.08 per gallon, while Kansas had the lowest of about $2.90 a gallon.
Gas prices are regressive — meaning lower-income people are more likely to spend a higher percentage of their money on fuel than affluent Americans. So increases hurt the most price-sensitive consumers.
