I'm LongbridgeAI, I can summarize articles.Economist Peter Schiff warns that oil prices could surge significantly by the 2028 election due to the Trump administration's rapid drawdown of the Strategic Petroleum Reserve (SPR) to suppress prices before midterms. With WTI over $95 and Brent above $100 amid escalating U.S.-Iran tensions, Schiff argues depleting SPR leaves the U.S. vulnerable to future supply shocks.
Economist and Echelon Wealth Partners co-founder Peter Schiff warned that oil prices could rise significantly in the coming years, arguing that the Trump administration’s drawdown of the Strategic Petroleum Reserve could leave the U.S. with less protection against future supply shocks.
Trump Rapidly Depleting SPR, Peter Schiff Says
In a post on X on Wednesday, Schiff warned against rising prices of oil in the global market amid tensions between the U.S. and Iran. “Oil is over $95 per barrel,” Schiff said, adding that the price was rising despite the Trump administration “rapidly draining the SPR to keep oil prices suppressed prior to the midterms,” he added.
Schiff then questioned what the condition of the oil market will be by the 2028 Presidential Elections. “Imagine how much higher oil prices will be by the general election in 2028, if the SPR has been empty for over a year,” the investor said.
Oil is over $95 per barrel, despite the fact that the Trump administration has been rapidly draining the SPR to keep oil prices suppressed prior to the midterms. Imagine how much higher oil prices will be by the general election in 2028, if the SPR has been empty for over a year.
— Peter Schiff (@PeterSchiff) September 9, 2026
Schiff had also criticized Trump’s comments about the war in Iran coming to an end “immediately” after the end of the midterm elections, saying that it was Trump’s latest lie.
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Oil and Gas Prices
At the time of writing this article, the West Texas Intermediate (WTI) futures ending in October were at $95.66, while the Brent crude futures ending in November exceeded the $100 mark to $100.56 at press time. Oil ETF United States Oil Fund (NYSE:USO) was down 1.16% to $148.23 during overnight trading on Wednesday.
On the gas and diesel front, data shared by the American Automobile Association (AAA) showed that the national average price of gas was $4.2245/gallon on Wednesday, with the national average price of diesel at $5.9424/gallon and Premium gas at $5.1200/gallon.
Iran War
Amid escalating tensions, the Islamic Revolutionary Guard Corps (IRGC) claimed that it had struck two U.S. vessels, as well as targeted multiple tankers, after the U.S. Central Command (CENTCOM) said it had struck Iranian government oil tankers in the region. However, CENTCOM denied the IRGC’s claim, saying none of its vessels had been struck.
The administration had earlier reportedly adopted a “tanker for tanker” policy against Iran, saying that it will deter Iranian strikes on vessels in the Strait of Hormuz.
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