Gate News reports that on March 9th, U.S. President Trump is expected to review a series of measures to curb oil prices as early as tomorrow (March 10th). Due to the Iran conflict, oil prices have surged above $100 per barrel. This move reflects the White House’s concern that rising oil prices could harm American businesses and consumers, especially ahead of the November midterm elections, as the Republican Party, which Trump belongs to, aims to maintain control of Congress.
U.S. officials in Washington have been discussing with their G7 counterparts the possibility of jointly releasing strategic petroleum reserves, one of several measures currently under consideration. Other options include restricting U.S. oil exports, intervening in the oil futures market, waiving certain federal taxes, and removing provisions in the Jones Act that require domestic fuel to be transported only by vessels flying the U.S. flag.
Analysts note that as long as the conflict continues to hinder shipping through the Strait of Hormuz, U.S. policy options will have minimal impact on the global oil market.
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