According to two sources, U.S. President Donald Trump is expected to review a range of options as soon as Monday to address rising oil prices, which have surpassed $100 a barrel due to the ongoing war in Iran.
The effort reflects White House worries that the surge in oil prices will hurt US businesses and consumers ahead of the November midterm elections, when Trump’s fellow Republicans are hoping to retain control of Congress, News.Az reports, citing foreign media.
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US officials in Washington have been discussing with counterparts from the Group of Seven major economies a possible joint release of crude oil from strategic reserves as one of several measures currently under discussion, the sources said.
Other options include restricting US exports, intervening in oil futures markets, waiving some federal taxes, and lifting requirements under a US law called the Jones Act that domestic fuel move only on US-flagged ships, among others, the sources said, speaking on condition of anonymity.
Analysts have said that US policy options will have little sway over global oil markets as long as the fighting blocks Middle East oil exports, accounting for a fifth of global supply through the Strait of Hormuz.
“The White House is in constant coordination with the relevant agencies on this important issue, as it is a top priority to the president. President Trump and his entire energy team have had a strong game plan to keep the energy markets stable well before Operation Epic Fury began, and they will continue to review all credible options,” White House spokesperson Taylor Rogers said in a statement, using the Trump administration’s name for the US-Israel military operations targeting Iran.
