Peter Schiff Says Trumps Gas Price Promise Has a Serious Problem
The US Strategic Petroleum Reserve fell 17 million barrels in five weeks to a one-year low.Brent crude briefly hit $126 per barrel after reports of fresh US strike plans against Iran.Total US oil exports surpassed 14 million barrels per day for the first time in history. Bitcoin critic and gold advocate Peter Schiff did not hold back Thursday. President Trump has assured Americans that gas prices will drop sharply once the Iran war ends. Schiffs response cut straight to the problem. It is a three-part argument, and each part has data behind it. The Reserve Problem Nobody Is Talking About While Trump promises relief ahead, Americas energy cushion is disappearing. The Strategic Petroleum Reserve dropped 7.12 million barrels last week, the largest single-week drawdown since October 2022, marking the fifth consecutive weekly decline, the longest streak since 2023. Over five weeks, SPR reserves have fallen 17 million barrels to 398 million, their lowest level since April 2025. The numbers keep coming:Commercial crude stocks fell 6.23 million barrels last week, the largest weekly drop since February.Gasoline supplies hit their lowest seasonal level since 2014.Distillate stocks dropped sharply in the same period.US oil and fuel exports surpassed 14 million barrels per day for the first time in