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Political News Compilation - Weekend Updates, March 7 and 8, 2026
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Oil prices are soaring, but Trump is downplaying the need to tap the Strategic Petroleum Reserve
By WYATTE GRANTHAM-PHILIPS and CATHY BUSSEWITZUpdated 5:27 PM CST, March 7, 2026
NEW YORK (AP) — Oil prices have soared in the week since the U.S. and Israel launched their war against Iran, but President Donald Trump on Saturday downplayed the idea of turning to America’s Strategic Petroleum Reserve to ease the pressure.
Trump was asked by reporters on Air Force One about whether he would consider tapping the reserve. As the war continues to escalate across the Middle East, including in areas critical to the production and movement of oil and gas, that’s strained the energy sector globally. In the U.S., consumers are already facing higher gas prices, a key cost of living.
“We’ve got a lot of oil. Our country has a tremendous amount,” Trump said. “There’s a lot of oil out there. That’ll get healed very quickly.”
Trump’s Republican Party is under pressure over the issue of affordability ahead of November midterm elections. Tapping the reserve is among the few things a president can do on his own to try to make an impact on oil prices.
Here is a look at what would be involved:
What is the Strategic Petroleum Reserve?
The Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 million barrels of oil, although it is not currently full. The reserve held more than 415 million barrels as of the end of last month, up from about 395 million barrels at this time in 2025, according to the U.S. Energy Department. ...
READ THE FULL STORY - AP
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Full transcript of "Face the Nation with Margaret Brennan," March 8, 2026
On this "Face the Nation with Margaret Brennan" broadcast, moderated by Margaret Brennan:
Click here to browse full transcripts from 2026 of "Face the Nation with Margaret Brennan."
MARGARET BRENNAN: I'm Margaret Brennan in Washington.
And this week on Face the Nation: As the war on Iran enters its second week, concerns about a global energy crisis are growing.
(Begin VT)
(MAN SPEAKING IN FOREIGN LANGUAGE)
(End VT)
MARGARET BRENNAN: U.S. and Israeli forces stepped up their bombing campaign through the weekend, targeting Iranian airports...
Continue reading...Click here to browse full transcripts from 2026 of "Face the Nation with Margaret Brennan."
MARGARET BRENNAN: I'm Margaret Brennan in Washington.
And this week on Face the Nation: As the war on Iran enters its second week, concerns about a global energy crisis are growing.
(Begin VT)
(MAN SPEAKING IN FOREIGN LANGUAGE)
(End VT)
MARGARET BRENNAN: U.S. and Israeli forces stepped up their bombing campaign through the weekend, targeting Iranian airports...
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