The Trump administration has no plans to tap the Strategic Petroleum Reserve to cool surging oil prices, National Economic Director Kevin Hassett said Thursday. Hassett acknowledged the administration has multiple tools available to address rising energy costs but emphasized that releasing SPR oil is not under consideration. The decision comes as crude prices have climbed sharply amid global supply concerns and geopolitical tensions.

Oil markets have been volatile this year, with benchmark crude trading near multi-year highs. Hassett's comments suggest the White House is prioritizing other approaches over emergency SPR releases that were used in previous administrations during price spikes. The SPR, which holds emergency crude reserves, has been drawn down significantly in recent years for various policy objectives.

The administration's stance could disappoint energy consumers and businesses facing higher fuel costs. Without SPR intervention, market forces will likely determine oil price trajectories in the near term, leaving consumers exposed to continued volatility.