The Trump administration weighs multiple options to respond to soaring oil prices — Bloomberg

Investing.com - According to Bloomberg News, Interior Secretary Doug Burgum said on Thursday that the Trump administration is considering a range of options to address rising oil and gasoline prices during the Iran conflict.

Burgum said in an interview, “All options are being considered. I think there are a series of ideas.” He added that the list includes actions that could have immediate impact as well as longer-term and more complex options.

Trump announced that the U.S. International Development Finance Corporation will provide insurance at “very reasonable prices” to help ensure the flow of energy and commodities in the region as businesses withdraw. The president stated that the U.S. Navy will begin escorting oil tankers through the strategically important Strait of Hormuz as soon as possible.

On Tuesday, Trump met with Burgum, Treasury Secretary Scott Bessent, Energy Secretary Chris Wright, and other senior advisors to discuss a range of options, subsequently announcing plans for insurance and naval escort. Other possibilities include releasing crude oil from the country’s emergency reserves, including coordinated releases with other nations to maximize effect.

Government officials have not yet tapped into the Strategic Petroleum Reserve. Analysts in Washington and others have identified additional options the government could consider, including waiving fuel blending requirements and the U.S. Treasury purchasing oil futures.

This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.