Trump administration panics over surging global crude costs
The White House has expressed alarm at rapidly rising oil prices following Iran's war with Israel and is preparing to review multiple options designed to reduce global energy costs as early this week, according to sources familiar with internal deliberations.
Key Points
-
1The Trump administration is expressing concern over rapidly rising global oil costs caused by recent conflict tensions involving Iran.
-
2President Donald Trump has announced he possesses a plan to address and mitigate increases in energy expenses for Americans.
Developments
Perspectives
The Trump administration has started panicking about rapidly rising global oil costs.
— [Mar 09, 20:31] CNNSenior aides had anticipated a brief surge in prices but were caught off guard by the size and sustainability of this market reaction to war with Iran. The White House is worried that energy price increases could affect America's economy during an already delicate moment.
— [Mar 09, 17:56] ReutersPresident Trump intends soon to explore a series of options aimed at reducing the global prices for oil which have surged sharply due to military conflict with Iran. He has assured Americans that he is not in need panicking because 'I've got plans'.
— [Mar 09, 18:42] Gandul.roThe US President Donald Trump intends soon to explore a series of options aimed at reducing the global prices for oil which have surged sharply due to military conflict with Iran.
— [Mar 09, 17:56] MediafaxThe Trump administration is panicking over spiking crude oil prices near $100 per barrel as shipping through the Strait of Hormuz remains effectively halted due to fears from tankers. Officials are urgently developing options ranging from regulatory easing to direct market intervention, but they face significant limits in addressing a disruption that threatens 20% of global supply and risks eroding domestic economic gains caused by President Trump's decision on war with Iran.