President Donald Trump's top advisers are searching for ways to bring down gasoline prices after military action against Iran triggered volatility in global energy markets.
Trump's chief of staff, Susie Wiles, has directed administration officials to present ideas to the Oval Office aimed at easing energy costs for Americans, according to energy industry executives familiar with the discussions, Politico reported.
The White House is "looking under every rock for ideas on improving energy prices, especially gasoline prices," one executive said.
The push comes after U.S. strikes on Iran and Tehran's retaliation against energy infrastructure in the Persian Gulf drove crude oil prices sharply higher.
Oil jumped more than $10 a barrel in the days following the attacks, sending gasoline prices to their highest levels since Trump took office last year.
Energy Secretary Chris Wright and other officials involved in energy policy are under pressure to identify solutions that could calm markets and reassure consumers, according to people familiar with the internal discussions.
The administration has already taken steps aimed at stabilizing global energy flows.
Trump announced that the U.S. military would provide protection for commercial ships moving through the Strait of Hormuz after Iran threatened tankers in the critical shipping corridor.
The White House also directed the U.S. International Development Finance Corp. to provide insurance coverage for vessels whose policies were canceled as fighting intensified in the region.
White House press secretary Karoline Leavitt said the administration believes the president's actions against Iran will ultimately help energy markets by preventing Tehran from controlling the Strait of Hormuz and restricting global oil supplies.
"I think it speaks to why this action was so necessary," Leavitt told reporters on Wednesday. "Ultimately, the energy industry is going to benefit from the president's actions with respect to Iran."
Among the ideas under discussion is a temporary federal gasoline tax holiday, though such a move would require congressional approval and may not immediately translate into lower prices at the pump if savings are not passed on by retailers.
Despite the recent spike, Trump has downplayed concerns about short-term price increases.
"If we have a little high oil prices for a little while, but as soon as this ends, those prices are going to drop, lower than even before," Trump said earlier this week.
Energy analysts say gasoline prices have climbed rapidly since the conflict began.
The national average price for regular gasoline topped $3.25 per gallon this week, rising more than 28 cents over several days, according to AAA and industry analysts.
Oil benchmarks have surged, as traders react to the threat of supply disruptions across the Middle East.
Iran's strategic position near the Strait of Hormuz — a narrow shipping route that carries more than 20% of the world's oil supply — has heightened concerns about further disruptions.
Violence in the region has already slowed tanker traffic and temporarily halted some oil production in nearby Gulf states.
While analysts say prices could rise further if tensions escalate, they also note that the increases remain far below the record levels seen in 2022, when gasoline prices surged above $5 per gallon nationwide.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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