Trump Highlights Oil Price Stabilization With SPR Replenishment Using Venezuelan Crude

Trump Highlights Energy Policies at Midterm Campaign Rally
G7 Agrees to Joint Release of 100 Million Barrels
"Energy Prices Will Drop Further After the War with Iran Ends"

U.S. President Donald Trump announced on October 2 (local time) during a campaign rally supporting the midterm elections that he plans to replenish the Strategic Petroleum Reserve (SPR) using Venezuelan crude oil and stabilize oil prices.

During the rally held at the Mitchell Center at the University of South Alabama in Alabama, Trump stated, "We are working with Venezuela, and we are extracting billions of dollars' worth of oil," adding, "Soon, we will refill our Strategic Petroleum Reserve for nothing." However, he did not disclose specific details regarding the timing, volume, or method.

U.S. President Donald Trump. The White House

As international oil prices surged due to the war with Iran, the Trump Administration released large amounts of crude oil from the SPR. Currently, the U.S. Strategic Petroleum Reserve stands at less than 284 million barrels, the lowest level since 1982.

President Trump also highlighted that the G7 and European countries have decided to release large quantities of stored diesel. He said, "Europe has agreed to release its stockpiled diesel fuel in massive quantities, and this will be implemented immediately," adding, "Diesel prices have already started to fall and will continue to decline." Previously, the G7 had agreed to jointly release 100 million barrels of stored diesel and crude oil over the next four months.

On this day, President Trump also emphasized his economic achievements. Citing revenue generated through tariffs, he claimed, "If the Republican Party wins, $5,000 will go into each of your pockets." In contrast, he argued that "a Great Depression like that of 1929 will come" if the Democratic Party wins, appealing for support for the Republicans.

President Trump also referenced the bridge construction project in the Mobile area of Alabama, which involves $300 million in federal funding, in an effort to garner local support. He went on to urge attendees to vote for Senator Tommy Tuberville, who is running for governor, as well as for other candidates for the House and Senate from Alabama.

This content was produced with the assistance of AI translation services.