Trump Weighs Options to Lower Oil Prices

0:00On March 9th, President Trump is set to review options as early as Monday to bring down soaring oil prices, which have climbed above 100, dollars of barrel amid the ongoing Iran conflict. The spike stems from disruptions in the Middle East, hitting levels not seen since mid-2022. White House officials have been talking with group of seven nations about jointly releasing crude from strategic reserves. Other ideas on the table include curving U.S. exports, stepping into oil futures markets, easing some federal taxes and relaxing the Jones Act rules. For domestic fuel shipping, the surge worries leaders as it could squeeze businesses and families right before the November midterm elections, where Republicans aim to hold. Congress, higher fuel costs threatened to drive out transportation and everyday prices across the economy. Analysts point out that U.S. moves may not sway global markets much while fighting blocks the straight of hormones, which handles one-fifth of the world's oil.

1:00Efforts like naval escorts and insurance for tankers there have not boosted traffic enough. Top advisors are leading the push with the White House stressing it's a top priority and they're eyeing all solid options to steady energy markets as the situation unfolds.