Reed Calls on Trump to Shield Americans from Higher Energy Prices Caused by Iran War

WASHINGTON, DC - U.S. Senator Jack Reed (D-RI) is calling on the Trump Administration to take immediate and comprehensive action to effectively mitigate rising energy prices due to the spike in oil and gas prices caused by President Trump's order to initiate military conflict with Iran. This includes considering a release from the Strategic Petroleum Reserve (SPR) and limiting U.S. oil and gas exports abroad. Since the start of the conflict, gasoline prices have spiked, as the price of oil jumped the $100 per barrel threshold.

Reed, the Ranking Member of the Senate Armed Services Committee, sent a letter to President Trump urging him to "to take concrete steps to shield Americans from rising energy prices caused by your decision to begin a war with Iran. The instability in the global oil and gas markets and the higher prices at the pump we are seeing were easily predictable, and yet it is clear your Administration was unprepared. The slapdash plan to provide insurance and military escorts to foreign oil tankers through the Strait of Hormuz is not sufficient and could further increase the costs of the war for hardworking American taxpayers. I urge you to immediately develop a comprehensive strategy to insulate American families from rising energy costs, which will only continue to increase amid this conflict."

Predictably, oil and gas prices have spiked following U.S. and Israeli strikes on Iran and Iran's attacks on its neighbors that forced shutdowns of oil and gas shipments across the region. U.S. consumers are being forced to pay more at the pump due to President Trump failed energy policies and lack of planning on implementing an energy affordability strategy to go along with his military orders.

Senator Reed is urging the president to "use the power of the bully pulpit to discourage oil companies from engaging in profiteering and from using revenue generated during this crisis to increase dividends, buy back stock, or provide bonuses to top executives. You should also consider releasing oil from the Strategic Petroleum Reserve, as well as limiting oil and gas exports unless it is determined they will advance our national security interests."

The last time the U.S. tapped the Strategic Petroleum Reserve was in 2022, when the Biden Administration took action to address supply disruptions after Russia invaded Ukraine. That was also the last time oil prices spiked above the $100 per barrel mark. The Biden Administration sold 180 million barrels of crude oil at an average price of roughly $95 per barrel to combat high gas prices. It later repurchased oil at a much lower cost to replenish the reserve at around $74 to $76 per barrel, resulting in a 'profit' of over $2 billion, which was returned to the federal government's budget.

While American consumers are bearing the brunt of higher gas prices due to Trump's war, Big Oil and Fracking companies, which boosted Trump's election, are now poised to rake in massive profits from exporting U.S. liquified natural gas to countries overseas rather than selling it in the United States and keeping prices lower for American consumers.

Reed wrote: "According to data from the Energy Information Administration (EIA), the U.S. exports nearly a third of its crude oil production and is on track to continue to increase exports in 2026. Your Administration ramped up liquefied natural gas (LNG) exports by 26% in 2025, leading to a 56% increase in wholesale natural gas prices that EIA confirmed is "primarily due to increased liquefied natural gas (LNG) exports amid flat production growth." This translates into real costs for households: National Energy Assistance Directors Association found that on average, U.S. households will spend $100 more on heating costs this winter compared to last winter largely due to rising natural gas costs. Unconstrained exports are hurting American families, and the U.S. should be extremely judicious in allowing the export of domestically produced oil and gas especially amid this conflict."

In 2024, during the last presidential campaign, Donald Trump pledged: "Under my administration, we will be slashing energy and electricity prices by half within 12 months, at a maximum 18 months." Instead, in 2025, American consumers collectively spent $12 billion more for gas than they did the year before, according to a report by the non-profit watchdog Public Citizen.

Under Trump, Americans are paying higher prices to heat their homes, cook their food, run their businesses, and fill up their gas tanks. Even before President Trump launched his war of choice with Iran, his policies were already favoring Big Oil, Coal, and Gas at the expense of U.S. consumers.

Full text of the letter follows:

Dear President Trump:

I write to urge you to take concrete steps to shield Americans from rising energy prices caused by your decision to begin a war with Iran. The instability in the global oil and gas markets and the higher prices at the pump we are seeing were easily predictable, and yet it is clear your Administration was unprepared. The slapdash plan to provide insurance and military escorts to foreign oil tankers through the Strait of Hormuz is not sufficient and could further increase the costs of the war for hardworking American taxpayers. I urge you to immediately develop a comprehensive strategy to insulate American families from rising energy costs, which will only continue to increase amid this conflict.

As part of this strategy, you should use the power of the bully pulpit to discourage oil companies from engaging in profiteering and from using revenue generated during this crisis to increase dividends, buy back stock, or provide bonuses to top executives. You should also consider releasing oil from the Strategic Petroleum Reserve, as well as limiting oil and gas exports unless it is determined they will advance our national security interests. We have already seen indications that a protracted conflict will significantly disrupt the flow of oil and gas supplies from the Middle East. A squeeze on global markets of this magnitude will lead to higher energy costs for American families who are already struggling with affordability in this economy.

According to data from the Energy Information Administration (EIA), the U.S. exports nearly a third of its crude oil production and is on track to continue to increase exports in 2026. Your Administration ramped up liquefied natural gas (LNG) exports by 26% in 2025, leading to a 56% increase in wholesale natural gas prices that EIA confirmed is "primarily due to increased liquefied natural gas (LNG) exports amid flat production growth." This translates into real costs for households: National Energy Assistance Directors Association found that on average, U.S. households will spend $100 more on heating costs this winter compared to last winter largely due to rising natural gas costs. Unconstrained exports are hurting American families, and the U.S. should be extremely judicious in allowing the export of domestically produced oil and gas especially amid this conflict.

Reducing U.S. exposure to a volatile global petroleum market will also provide the stability we need to keep energy costs low for American households. This is why we should be promoting domestic renewable energy. To that end, you should immediately end the Administration's efforts to stop wind and solar projects, which could be saving ratepayers money and improving grid reliability.

In the current moment, your Administration must take significant steps to help insulate American households from price spikes exacerbated by events far from home. This includes using the tools at hand, such as the Strategic Petroleum Reserve and limiting petroleum exports, to reduce financial impacts for Americans.

Thank you for your attention to this important issue.

Sincerely,

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