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The White House is assessing extreme plans for oil prices exceeding $150, or may use emergency powers to stabilize fuel costs
Sources close to the White House say that as the Iran war enters its second month, senior White House aides and government officials are discussing the possibility of oil prices soaring to $150 a barrel or even higher records.
Two industry officials in contact with the White House indicated that White House officials are assessing the impact of high oil prices on the economy and considering measures to reduce costs, including the use of additional emergency powers. Trump has also received reports from the Treasury Department regarding the recent outlook for energy prices. The U.S. Treasury currently believes that oil prices may remain above $100 a barrel for some time.
Sources say the government views this figure as a "baseline" and does not rule out the possibility of oil prices rising to $200 a barrel. Another informed official revealed that the government is trying every possible idea to alleviate oil prices, including exercising emergency powers and responding to supply chain disruptions in the Strait of Hormuz for defense reasons.
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