White House Assesses Extreme Scenario of Oil Prices Breaking $150, May Use Emergency Powers to Curb Fuel Costs

Odaily News According to informed sources and individuals close to the White House, 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 per barrel or even higher records. Two industry officials in contact with the White House stated that White House officials are evaluating the economic impact of high oil prices and considering measures, including the use of additional emergency powers, to reduce costs. Trump has also been briefed by the Treasury Department on the near-term outlook for energy prices. The U.S. Treasury Department currently believes that oil prices may remain above $100 per barrel for some time. Informed sources said the government views this figure as a "baseline" and does not rule out the possibility of oil prices rising to $200 per barrel. Another informed official revealed that the government is trying every possible idea to alleviate oil prices, including exercising emergency powers and addressing supply chain disruptions in the Strait of Hormuz on defense grounds. (Jin10)