Trump officials prepping for ‘nightmare scenario’ at gas pumps: reports

submitted by MicroWave to news 431 points | 147 comments https://www.independent.co.uk/news/world/americas/us-politics/oil-cost-iran-war-usa-trump-b2950191.html White House officials are bracing for oil prices to surge past the $150-a-barrel mark as the Iran war stretches into its second month and the Strait of Hormuz remains largely closed, according to a new report. In recent weeks, the average cost of a barrel of crude has hovered around $100, a figure that the Trump administration now sees as the new “baseline,” though a potential spike to $200 hasn’t been ruled out, a source familiar with the matter told Politico. As a result, officials have entered “all hands on deck” mode, urgently evaluating options to tame soaring oil prices — which pushed gas above $4 a gallon this week and risks inflating costs across the broader economy.