Trump Says No Need to Tap Strategic Oil Reserve at This Point

Contractors work to replace piping above a subterranean cavern at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas.
Photographer: Luke Sharrett/Bloomberg

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By Jordan Fabian

September 17, 2019 at 6:15 PM UTC

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President Donald Trump said the U.S. doesn’t need to tap into its strategic petroleum reserve at this point but is prepared to do so if necessary to stabilize prices.

“I don’t think we need to. Oil has not gone up very much,” Trump told reporters Tuesday aboard Air Force One as he traveled to California for a series of fundraisers. “There’s a lot of oil in the world.”