White House Mulling Ideas to Lower Gas Prices Amid Iran Conflict
Senior advisers to President Donald Trump are exploring options to reduce gasoline prices after military strikes on Iran set off sharp swings in global oil markets and pushed fuel costs higher for American drivers.
According to Politico, Trump’s chief of staff, Susie Wiles, has instructed administration officials to develop proposals that could ease energy costs and present them to the president in the Oval Office. Energy industry executives familiar with the discussions said the White House is actively seeking ideas to bring relief at the pump.
The White House is “looking under every rock for ideas on improving energy prices, especially gasoline prices,” one executive said.
The effort follows U.S. military strikes on Iran and retaliatory attacks by Tehran targeting energy infrastructure in the Persian Gulf, developments that have fueled a surge in oil prices worldwide.
Crude oil climbed by more than $10 per barrel in the days after the attacks, a spike that pushed gasoline prices in the United States to their highest point since Trump returned to office last year.
Officials involved in shaping energy policy, including Energy Secretary Chris Wright, are now under significant pressure to identify measures that could steady the market and reassure consumers, according to people familiar with internal administration discussions.
The administration has already rolled out several actions intended to safeguard global oil shipments and stabilize supply.
President Trump recently announced that the U.S. military will escort and protect commercial vessels passing through the Strait of Hormuz after Iran threatened oil tankers traveling through the vital maritime passage.
In addition, the White House directed the U.S. International Development Finance Corp. to step in with insurance coverage for ships whose policies were withdrawn as the fighting in the region intensified.
White House press secretary Karoline Leavitt said the administration believes the president’s moves against Iran will ultimately strengthen the stability of energy markets by preventing Tehran from threatening one of the world’s most important oil transit routes.
“I think it speaks to why this action was so necessary,” Leavitt told reporters on Wednesday. “Ultimately, the energy industry is going to benefit from the president’s actions with respect to Iran.”
One proposal currently being examined is a temporary suspension of the federal gasoline tax. However, such a measure would require approval from Congress and might not immediately reduce prices if retailers do not pass the savings on to consumers.
Despite the recent jump in fuel costs, Trump has dismissed concerns about the short-term impact, arguing that prices will eventually fall once the conflict subsides.
“If we have a little high oil prices for a little while, but as soon as this ends, those prices are going to drop, lower than even before,” Trump said earlier this week.
Energy analysts say fuel prices have climbed quickly since hostilities began.
According to AAA and industry analysts, the nationwide average price for regular gasoline rose above $3.25 per gallon this week, increasing by more than 28 cents within just a few days.
Oil markets have surged as traders respond to the possibility that supply could be disrupted across the Middle East.
Iran’s location near the Strait of Hormuz — a narrow maritime chokepoint through which more than one-fifth of the world’s oil supply passes — has intensified fears of further instability in global energy flows.
The ongoing violence has already slowed tanker traffic and temporarily shut down some oil production in neighboring Gulf states.
Analysts caution that prices could continue rising if the conflict widens, though they note that current fuel costs remain well below the historic highs reached in 2022, when gasoline prices nationwide climbed past $5 per gallon.
{Matzav.com}
