Trump Admin Weighs Oil Futures Trade, Experts Skeptical

0:00Hey, it's Cory with Sydney News today, your city, your news, every day. The Trump administration is weighing a bold move to trade in oil futures markets and force prices down. Oil hit $103 a barrel last week amid the war in Iran. Interior Secretary Doug Burgham confirmed officials have discussed it, praising the smart folks in energy trading. Speculation ramped up after oil spiked to $120 late Sunday, then plunged to $90. The White House denied any hand in the drop. Meanwhile, the Chicago mercantile exchange chief warned that government meddling could spark a biblical disaster by shaking trust in the massive five. $100 billion a day market. Rising prices are squeezing everyday folks, with US petrol costs climbing and similar hikes in Britain and Europe. It's put heat on President Trump before midterms, as crude has jumped over 40% since the conflict closed off the strait of Hormuz, through which one-fifth of global oil flows.

1:02Experts are skeptical it would work. Even tapping the Treasury's $200 billion in reserves would be a drop in the bucket against this deep market. Analysts say sustained intervention is neither financially nor politically feasible and ignores the real supply crunch from fewer barrels reaching. Refineries. Burgham admitted it would demand enormous capital with little payoff. During pro's note, it's never been done for good reason, and diplomacy offers a better path to relief. Tensions persist after U.S. strikes on Iran's key oil island drew threats of more regional attacks. The Daily News Now is powered by a sponsor. Some people meditate. I just lay down and press play. S.O.L.I. SoleyPillow.com