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Trump Considers Suppressing Energy Prices, Options Include Restricting U.S. Oil Exports
BlockBeats News, March 10th, According to two informed sources, U.S. President Trump is expected to review a series of plans to curb oil prices as early as Monday. Influenced by the Iran war, oil prices have soared to over $100 per barrel. This move reflects the White House's concern that the surge in oil prices will harm U.S. businesses and consumers, especially on the eve of the November midterm elections, when Trump's Republican Party hopes to retain control of Congress.
The sources said that U.S. officials in Washington have been in discussions with their counterparts from the Group of Seven (G7) major economies about the possibility of jointly releasing strategic reserves of crude oil, one of several measures currently under discussion. The sources revealed that other options include restricting U.S. oil exports, intervening in the oil futures market, waiving some federal taxes, and canceling provisions in the Jones Act that require the transportation of U.S. domestic fuel by vessels flying the U.S. flag, among others.
Analysts pointed out that as long as the conflict continues to obstruct transportation in the Strait of Hormuz, U.S. policy options will have little impact on the global oil market. (Markets Insider)
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